## Global Financial Stablity Report, October 2013: Transition Challenges to Stability

_Global Financial Stability Report, October 9, 2013_

## Source details

**Canonical URL:** [Global Financial Stablity Report, October 2013: Transition Challenges to Stability](https://www.imf.org/en/publications/gfsr/issues/2016/12/31/global-financial-stablity-report-october-2013-transition-challenges-to-stability-40433)

## Other formats

- [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)

## 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**
  - [Transition Challenges to Stability; Global Financial Stability Report; October 2013 (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/gfsr/2013/02/pdf/_text.pdf.md){rel="alternate" type="text/markdown"}
  - [Transition Challenges to Stability; Global Financial Stability Report; October 2013 (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/gfsr/2013/02/pdf/_text.pdf){rel="external" type="application/pdf"}
- **ملخص وافٍ لتقرير الاستقرار المالي العالمي**
  - [ملخص وافٍ لتقرير الاستقرار المالي العالمي (Markdown version)](/-/media/websites/imf/imported-publications/external/arabic/pubs/ft/gfsr/2013/02/pdf/_suma.pdf.md){rel="alternate" type="text/markdown"}
  - [ملخص وافٍ لتقرير الاستقرار المالي العالمي (PDF)](/-/media/websites/imf/imported-publications/external/arabic/pubs/ft/gfsr/2013/02/pdf/_suma.pdf){rel="external" type="application/pdf"}
- **2013年10月《全球金融稳定报告》概要, 2013年10月9日**
  - [2013年10月《全球金融稳定报告》概要, 2013年10月9日 (Markdown version)](/-/media/websites/imf/imported-publications/external/chinese/pubs/ft/gfsr/2013/02/pdf/_sumc.pdf.md){rel="alternate" type="text/markdown"}
  - [2013年10月《全球金融稳定报告》概要, 2013年10月9日 (PDF)](/-/media/websites/imf/imported-publications/external/chinese/pubs/ft/gfsr/2013/02/pdf/_sumc.pdf){rel="external" type="application/pdf"}
- **Rapport sur la stabilité financière dans le monde -- Résumé analytique -- Octobre 2013**
  - [Rapport sur la stabilité financière dans le monde -- Résumé analytique -- Octobre 2013 (Markdown version)](/-/media/websites/imf/imported-publications/external/french/pubs/ft/gfsr/2013/02/pdf/_sumf.pdf.md){rel="alternate" type="text/markdown"}
  - [Rapport sur la stabilité financière dans le monde -- Résumé analytique -- Octobre 2013 (PDF)](/-/media/websites/imf/imported-publications/external/french/pubs/ft/gfsr/2013/02/pdf/_sumf.pdf){rel="external" type="application/pdf"}
- **国際金融安定性報告書**
  - [国際金融安定性報告書 (Markdown version)](/-/media/websites/imf/imported-publications/external/japanese/pubs/ft/gfsr/2013/01/pdf/_sumj.pdf.md){rel="alternate" type="text/markdown"}
  - [国際金融安定性報告書 (PDF)](/-/media/websites/imf/imported-publications/external/japanese/pubs/ft/gfsr/2013/01/pdf/_sumj.pdf){rel="external" type="application/pdf"}
- **ДГФС – октябрь 2013 года – Аналитическое резюме**
  - [ДГФС – октябрь 2013 года – Аналитическое резюме (Markdown version)](/-/media/websites/imf/imported-publications/external/russian/pubs/ft/gfsr/2013/02/pdf/_sumr.pdf.md){rel="alternate" type="text/markdown"}
  - [ДГФС – октябрь 2013 года – Аналитическое резюме (PDF)](/-/media/websites/imf/imported-publications/external/russian/pubs/ft/gfsr/2013/02/pdf/_sumr.pdf){rel="external" type="application/pdf"}
- **Informe sobre la estabilidad financiera mundial -- Resumen ejecutivo; Octubre de 2013**
  - [Informe sobre la estabilidad financiera mundial -- Resumen ejecutivo; Octubre de 2013 (Markdown version)](/-/media/websites/imf/imported-publications/external/spanish/pubs/ft/gfsr/2013/02/pdf/_sums.pdf.md){rel="alternate" type="text/markdown"}
  - [Informe sobre la estabilidad financiera mundial -- Resumen ejecutivo; Octubre de 2013 (PDF)](/-/media/websites/imf/imported-publications/external/spanish/pubs/ft/gfsr/2013/02/pdf/_sums.pdf){rel="external" type="application/pdf"}

---

## References

- [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
October 24, 2025](https://www.imf.org/en/publications/wp/issues/2025/10/24/enhancing-tax-capacity-revenue-gains-from-strengthening-tax-administration-571373)
- [Development Committee: The Managing Director's Written Statement
October 20, 2025](https://www.imf.org/en/publications/policy-papers/issues/2025/10/20/development-committee-the-managing-director-s-written-statement-571316)
- [The Managing Director's Global Policy Agenda, Fall 2025: Navigating a World In Transition
October 16, 2025](https://www.imf.org/en/publications/policy-papers/issues/2025/10/14/the-managing-director-s-global-policy-agenda-fall-2025-navigating-a-world-in-transition-570971)
- [Progress Report to the IMFC on the Activities of the Independent Evaluation Office of the IMF
October 16, 2025](https://www.imf.org/en/publications/policy-papers/issues/2025/10/16/progress-report-to-the-imfc-on-the-activities-of-the-independent-evaluation-office-of-the-571242)

_Source: https://www.imf.org/en/publications/gfsr/issues/2016/12/31/global-financial-stablity-report-october-2013-transition-challenges-to-stability-40433_