{
  "title": "Global Financial Stablity Report, October 2013: Transition Challenges to Stability",
  "publication": "Global Financial Stability Report, October 9, 2013",
  "sourceUrl": "https://www.imf.org/en/publications/gfsr/issues/2016/12/31/global-financial-stablity-report-october-2013-transition-challenges-to-stability-40433",
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  "summary": "The October 2013 Global Financial Stability Report examines current risks facing the global financial system at it undergoes a series of transitions along the path toward greater financial stability.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Examines current risks facing the global financial system as it undergoes a series of transitions toward greater financial stability.\n- Identifies major transitions:\n  - The United States: possible move to less accommodative monetary policies and higher long-term interest rates as its recovery gains ground.\n  - Emerging markets: transition to more volatile external conditions and higher risk premiums.\n  - Japan: moving toward the new “Abenomics” policy regime.\n  - Euro area: moving toward a more robust and safer financial sector.\n  - Global banking system: phasing in stronger regulatory standards."
    },
    {
      "heading": "Chapter summaries and key findings",
      "content": "- Chapter 1:\n  - Examines the challenges and risks of each of the listed transitions.\n- Chapter 2:\n  - Focuses on policymakers’ efforts to revive weak credit growth, seen by many as a primary reason behind the slow economic recovery.\n  - Argues that policies are most effective if they target the constraints that underlie the weakness in credit.\n  - Cautions policymakers to be aware of the fiscal costs and implications for financial stability of credit-supporting policies.\n- Chapter 3:\n  - Examines how banking funding structures matter for financial stability and the potential impact of various regulatory reforms.\n  - Concludes that careful implementation of reform efforts is important to ensure that financial stability benefits are realized."
    },
    {
      "heading": "Risks and transmission channels highlighted",
      "content": "- Monetary policy normalization in the United States could raise long-term interest rates and affect global financial conditions.\n- Emerging market exposure to volatile external conditions may increase risk premiums and financial stress.\n- Structural policy shifts (for example, Japan’s “Abenomics”) have implications for domestic and cross-border financial flows.\n- Strengthening regulatory standards for banks changes funding structures and can affect market liquidity and credit provision."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- Target credit-supporting policies to the specific constraints limiting credit growth to maximize effectiveness.\n- Monitor and weigh the fiscal costs and financial stability implications of policies aimed at reviving credit.\n- Implement banking regulatory reforms carefully to ensure intended financial stability benefits are realized without unintended disruption to funding and market liquidity.\n\n---\n\n Content in this bundle\n\n- Transition Challenges to Stability; Global Financial Stability Report; October 2013\n  - Transition Challenges to Stability; Global Financial Stability Report; October 2013 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Transition Challenges to Stability; Global Financial Stability Report; October 2013 (PDF){rel=\"external\" type=\"application/pdf\"}\n- ملخص وافٍ لتقرير الاستقرار المالي العالمي\n  - ملخص وافٍ لتقرير الاستقرار المالي العالمي (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - ملخص وافٍ لتقرير الاستقرار المالي العالمي (PDF){rel=\"external\" type=\"application/pdf\"}\n- 2013年10月《全球金融稳定报告》概要, 2013年10月9日\n  - 2013年10月《全球金融稳定报告》概要, 2013年10月9日 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 2013年10月《全球金融稳定报告》概要, 2013年10月9日 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Rapport sur la stabilité financière dans le monde -- Résumé analytique -- Octobre 2013\n  - Rapport sur la stabilité financière dans le monde -- Résumé analytique -- Octobre 2013 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Rapport sur la stabilité financière dans le monde -- Résumé analytique -- Octobre 2013 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 国際金融安定性報告書\n  - 国際金融安定性報告書 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 国際金融安定性報告書 (PDF){rel=\"external\" type=\"application/pdf\"}\n- ДГФС – октябрь 2013 года – Аналитическое резюме\n  - ДГФС – октябрь 2013 года – Аналитическое резюме (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - ДГФС – октябрь 2013 года – Аналитическое резюме (PDF){rel=\"external\" type=\"application/pdf\"}\n- Informe sobre la estabilidad financiera mundial -- Resumen ejecutivo; Octubre de 2013\n  - Informe sobre la estabilidad financiera mundial -- Resumen ejecutivo; Octubre de 2013 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Informe sobre la estabilidad financiera mundial -- Resumen ejecutivo; Octubre de 2013 (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- Bank credit\n- Banking\n- Credit\n- Emerging and frontier financial markets\n- Financial institutions\n- Financial markets\n- Financial sector policy and analysis\n- Financial sector stability\n- Financial statements\n- Loans\n- Money\n- Public financial management (PFM)\n- Stocks\n- Link to Table of Contents\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- Progress Report to the IMFC on the Activities of the Independent Evaluation Office of the IMF\nOctober 16, 2025\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/publications/gfsr/issues/2016/12/31/global-financial-stablity-report-october-2013-transition-challenges-to-stability-40433"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/gfsr/issues/2016/12/31/global-financial-stablity-report-october-2013-transition-challenges-to-stability-40433/index.md)",
    "[Structured JSON version](/en/publications/gfsr/issues/2016/12/31/global-financial-stablity-report-october-2013-transition-challenges-to-stability-40433/index.json)",
    "[Bundle manifest](/en/publications/gfsr/issues/2016/12/31/global-financial-stablity-report-october-2013-transition-challenges-to-stability-40433/bundle-manifest.json)",
    "Published: October 9, 2013",
    "Series: Global Financial Stability Report",
    "DOI: https://doi.org/10.5089/9781475524970.082",
    "Examines current risks facing the global financial system as it undergoes a series of transitions toward greater financial stability.",
    "Identifies major transitions:",
    "Chapter 1:",
    "Chapter 2:",
    "Chapter 3:",
    "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.",
    "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.",
    "**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**",
    "[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/9781475524970/9781475524970.xml?cid=lk-com-dsp-imf.org)",
    "[Order a Print Copy](https://www.bookstore.imf.org/cart?isbn=9781475524970)",
    "[Bank credit](https://www.imf.org/en/publications/publications-by-subject?subject=Bank+credit)",
    "[Banking](https://www.imf.org/en/publications/publications-by-subject?subject=Banking)",
    "[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 sector stability](https://www.imf.org/en/publications/publications-by-subject?subject=Financial+sector+stability)",
    "[Financial statements](https://www.imf.org/en/publications/publications-by-subject?subject=Financial+statements)",
    "[Loans](https://www.imf.org/en/publications/publications-by-subject?subject=Loans)",
    "[Money](https://www.imf.org/en/publications/publications-by-subject?subject=Money)",
    "[Public financial management (PFM)](https://www.imf.org/en/publications/publications-by-subject?subject=Public+financial+management+%28PFM%29)",
    "[Stocks](https://www.imf.org/en/publications/publications-by-subject?subject=Stocks)",
    "[Link to Table of Contents](http://www.imf.org/external/pubs/ft/gfsr/2014/02/index.htm)",
    "[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",
    "[Progress Report to the IMFC on the Activities of the Independent Evaluation Office of the IMF"
  ],
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