{ "title": "Grappling with Crisis Legacies: IMF Global Financial Stability Report (GFSR)", "publication": "Global Financial Stability Report, September 13, 2011", "sourceUrl": "https://www.imf.org/en/publications/gfsr/issues/2016/12/31/grappling-with-crisis-legacies", "canonical": "https://www.imf.org/en/publications/gfsr/issues/2016/12/31/grappling-with-crisis-legacies", "overlayPath": "/en/publications/gfsr/issues/2016/12/31/grappling-with-crisis-legacies/index.md", "summary": "The September 2011 issue of the 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 g", "sections": [ { "heading": "Overall assessment", "content": "- The September 2011 issue cautions that the risks to global financial stability have increased substantially in recent months.\n- Heavy public debt burdens and weak growth prospects in many advanced economies combined with a series of shocks to the global financial system.\n- The crisis has moved into its fifth year and \"entered a new phase in which political differences within and across economies are impeding progress to address the legacies of the crisis.\"\n- Emerging markets, despite brighter growth prospects, face the risk of sharp reversals and must guard against the buildup of financial vulnerabilities.\n- The Global Financial Stability Report provides semiannual assessments of global financial markets and addresses emerging market financing in a global context." }, { "heading": "Asset allocation and investor behavior", "content": "- 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- Key finding: such investors have moved toward safety and liquidity." }, { "heading": "Crisis indicators, macroprudential tools, and policy guidance", "content": "- The Report looks at variables that can act as advance indicators of financial crisis.\n- It examines how the use of countercyclical capital buffers can help to dampen destabilizing cycles.\n- Chapter themes (summaries of analytical focus):\n - Overcoming Political Risks and Crisis Legacies: Global stability assessment, sovereign vulnerabilities and contagion risks, search for yield and credit excesses, and policy priorities.\n - Long-Term Investors and Their Asset Allocation: Longer-term trends in global asset allocation, determinants of private asset allocation, and policy implications.\n - Toward Operationalizing Macroprudential Policies: When to act? From sources of risk to systemic risk indicators; quest for leading indicators of financial sector distress; macroprudential indicators and policies; conclusions and practical guidelines." }, { "heading": "Analytical contributions and methods", "content": "- The Report uses structural macro-financial models to derive helpful hints for moving from sources of risk to systemic risk indicators.\n- It searches for leading indicators of financial sector distress and proposes ways to stitch macroprudential indicators and policies together.\n- Empirical and modeling annexes provide detailed analyses, including predicting the probability of banking crises and finding robust near-coincident indicators." }, { "heading": "Policy implications highlighted", "content": "- Strengthen monitoring of sovereign vulnerabilities and spillover channels between sovereigns and banking/insurance sectors.\n- Monitor long-term investor allocations for shifts toward safety and liquidity that can amplify market stresses.\n- Deploy countercyclical capital buffers and other macroprudential instruments to dampen destabilizing credit cycles and contain property booms where relevant.\n- Use a combination of leading and near-coincident indicators to time macroprudential actions more effectively.\n\nGrappling with Crisis Legacies, September 2011 — IMF Global Financial Stability Report\n\n---\n\n Content in this bundle\n\n- Figure 1.10. Changes in the Sovereign Investor Base\n - Figure 1.10. Changes in the Sovereign Investor Base (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.10. Changes in the Sovereign Investor Base (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.12. Financing Sensitivity to an Interet Rate Shock\n - Figure 1.12. Financing Sensitivity to an Interet Rate Shock (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.12. Financing Sensitivity to an Interet Rate Shock (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.13. Size of Euro Area Government Bond Market\n - Figure 1.13. Size of Euro Area Government Bond Market (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.13. Size of Euro Area Government Bond Market (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure1 14\n - Figure1 14 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure1 14 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.16. Bank Debt Issuance as a Percent of Maturing Debt, 2011\n - Figure 1.16. Bank Debt Issuance as a Percent of Maturing Debt, 2011 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.16. Bank Debt Issuance as a Percent of Maturing Debt, 2011 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure1 17\n - Figure1 17 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure1 17 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.18. Spillovers from High-Spread Euro Area Sovereigns to Country Banking Systems\n - Figure 1.18. Spillovers from High-Spread Euro Area Sovereigns to Country Banking Systems (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.18. Spillovers from High-Spread Euro Area Sovereigns to Country Banking Systems (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.2. Global Financial Stability Map\n - Figure 1.2. Global Financial Stability Map (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.2. Global Financial Stability Map (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.20. European Insurers: Mark-to-Market Impact due to Sovereign Stress\n - Figure 1.20. European Insurers: Mark-to-Market Impact due to Sovereign Stress (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.20. European Insurers: Mark-to-Market Impact due to Sovereign Stress (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure123\n - figure123 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - figure123 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.24. Contributions to Change in Bank Balance Sheets since End-2009\n - Figure 1.24. Contributions to Change in Bank Balance Sheets since End-2009 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.24. Contributions to Change in Bank Balance Sheets since End-2009 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure1 25\n - Figure1 25 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure1 25 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.26. Sovereign Credit Default Swaps: Gross Outstandind Amount\n - Figure 1.26. Sovereign Credit Default Swaps: Gross Outstandind Amount (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.26. Sovereign Credit Default Swaps: Gross Outstandind Amount (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.29. U.S. Household Balance Sheets\n - Figure 1.29. U.S. Household Balance Sheets (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.29. U.S. Household Balance Sheets (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions\n - Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.30. Bank Lending Conditions for Nonfinancial Corporates\n - Figure 1.30. Bank Lending Conditions for Nonfinancial Corporates (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.30. Bank Lending Conditions for Nonfinancial Corporates (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.31. U.S. BBB Corporate Credit Spreads versus Real Federal Funds Rate\n - Figure 1.31. U.S. BBB Corporate Credit Spreads versus Real Federal Funds Rate (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.31. U.S. BBB Corporate Credit Spreads versus Real Federal Funds Rate (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure1 32\n - Figure1 32 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure1 32 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.33. Global Securitization and Structured Products Issuance\n - Figure 1.33. Global Securitization and Structured Products Issuance (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.33. Global Securitization and Structured Products Issuance (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.35. U.S. Nonfinancial Corporate Financing\n - Figure 1.35. U.S. Nonfinancial Corporate Financing (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.35. U.S. Nonfinancial Corporate Financing (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.36. High-Yield Gross Issuance and Leveraged Loan Covenants\n - Figure 1.36. High-Yield Gross Issuance and Leveraged Loan Covenants (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.36. High-Yield Gross Issuance and Leveraged Loan Covenants (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.37. Emerging Markets: Capital Flows, Credit, and Equity Prices\n - Figure 1.37. Emerging Markets: Capital Flows, Credit, and Equity Prices (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.37. Emerging Markets: Capital Flows, Credit, and Equity Prices (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure1 38\n - Figure1 38 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure1 38 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.39. Emerging Market Corporates versus U.S. High Yield: Yields, Leverage, Returns\n - Figure 1.39. Emerging Market Corporates versus U.S. High Yield: Yields, Leverage, Returns (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.39. Emerging Market Corporates versus U.S. High Yield: Yields, Leverage, Returns (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure14\n - figure14 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - figure14 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.40. Emerging Market Corporate External Issuance\n - Figure 1.40. Emerging Market Corporate External Issuance (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.40. Emerging Market Corporate External Issuance (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.41. Emerging Markets External Corporate Issuance, by Sector\n - Figure 1.41. Emerging Markets External Corporate Issuance, by Sector (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.41. Emerging Markets External Corporate Issuance, by Sector (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.42. Emerging Markets Total Credit to Nonbanking Sector\n - Figure 1.42. Emerging Markets Total Credit to Nonbanking Sector (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.42. Emerging Markets Total Credit to Nonbanking Sector (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.43. Model Prediction for NPL Ratios in 2011 and 2012\n - Figure 1.43. Model Prediction for NPL Ratios in 2011 and 2012 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.43. Model Prediction for NPL Ratios in 2011 and 2012 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.44. Impact of Capital Flows Declines\n - Figure 1.44. Impact of Capital Flows Declines (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.44. Impact of Capital Flows Declines (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.45. Impact of Terms of Trade Decline\n - Figure 1.45. Impact of Terms of Trade Decline (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.45. Impact of Terms of Trade Decline (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.46. Change in Capital Adequacy Ratios under Combined Macro Shocks\n - Figure 1.46. Change in Capital Adequacy Ratios under Combined Macro Shocks (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.46. Change in Capital Adequacy Ratios under Combined Macro Shocks (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.48. Impulse Response: Model Specification 1\n - Figure 1.48. Impulse Response: Model Specification 1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.48. Impulse Response: Model Specification 1 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.49. Impluse Responses: Model Specification 2\n - Figure 1.49. Impluse Responses: Model Specification 2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.49. Impluse Responses: Model Specification 2 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure15\n - figure15 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - figure15 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.50. Macro Scenarios under Combined Shocks\n - Figure 1.50. Macro Scenarios under Combined Shocks (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.50. Macro Scenarios under Combined Shocks (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.6. Historical Volatility in One-Month Treasury Bills During Debt Ceiling Negotiations\n - Figure 1.6. Historical Volatility in One-Month Treasury Bills During Debt Ceiling Negotiations (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.6. Historical Volatility in One-Month Treasury Bills During Debt Ceiling Negotiations (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.7. Historical Advanced Economy Government Bond Yields around Sovereign Debt Downgrades\n - Figure 1.7. Historical Advanced Economy Government Bond Yields around Sovereign Debt Downgrades (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.7. Historical Advanced Economy Government Bond Yields around Sovereign Debt Downgrades (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 1.1. Indebtedness and Leverage in Selected Advanced Economies\n - Table 1.1. Indebtedness and Leverage in Selected Advanced Economies (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 1.1. Indebtedness and Leverage in Selected Advanced Economies (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 1.2. Sovereign Market and Vulnerability Indicators\n - Table 1.2. Sovereign Market and Vulnerability Indicators (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 1.2. Sovereign Market and Vulnerability Indicators (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 1.3. Emerging Market Banks: Sensitivity to Macro and Funding Shocks\n - Table 1.3. Emerging Market Banks: Sensitivity to Macro and Funding Shocks (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 1.3. Emerging Market Banks: Sensitivity to Macro and Funding Shocks (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 1.4. Macro and Financial Indicators for Selected Economies\n - Table 1.4. Macro and Financial Indicators for Selected Economies (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 1.4. Macro and Financial Indicators for Selected Economies (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- boxfigure23 — Dataset overview\n - boxfigure23 — Dataset overview (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - boxfigure23 — Dataset overview (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.1. Asset Allocation of Institutional Investors\n - Figure 2.1. Asset Allocation of Institutional Investors (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.1. Asset Allocation of Institutional Investors (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.2. Assets of Institutional Investors by Country\n - Figure 2.2. Assets of Institutional Investors by Country (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.2. Assets of Institutional Investors by Country (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.3. Assets under Management by Type of Institutional Investors\n - Figure 2.3. Assets under Management by Type of Institutional Investors (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.3. Assets under Management by Type of Institutional Investors (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.4. Global Asset Allocation of Institutional Investors by Country\n - Figure 2.4. Global Asset Allocation of Institutional Investors by Country (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.4. Global Asset Allocation of Institutional Investors by Country (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.5. Assets under Management by Type of Institutional Investor and Selected Countries, 2009\n - Figure 2.5. Assets under Management by Type of Institutional Investor and Selected Countries, 2009 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.5. Assets under Management by Type of Institutional Investor and Selected Countries, 2009 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.6. Foreign Exchange Reserves, Excluding Gold\n - Figure 2.6. Foreign Exchange Reserves, Excluding Gold (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.6. Foreign Exchange Reserves, Excluding Gold (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure29\n - figure29 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - figure29 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure33: Event Study Results: Aggregate Indicators Three Years before to Two Years after Crises\n - Figure33: Event Study Results: Aggregate Indicators Three Years before to Two Years after Crises (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure33: Event Study Results: Aggregate Indicators Three Years before to Two Years after Crises (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1. Major Net Exporters and Importers of Capital in 2010\n - Figure 1. Major Net Exporters and Importers of Capital in 2010 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1. Major Net Exporters and Importers of Capital in 2010 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 9. Twelve-Month Forward Price/Earnings Ratios\n - Figure 9. Twelve-Month Forward Price/Earnings Ratios (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 9. Twelve-Month Forward Price/Earnings Ratios (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 7. United States: Corporate Bond Market\n - Figure 7. United States: Corporate Bond Market (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 7. United States: Corporate Bond Market (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 8. Euro Area: Corporate Bond Market\n - Figure 8. Euro Area: Corporate Bond Market (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 8. Euro Area: Corporate Bond Market (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 9. United States: Commercial Paper Market\n - Figure 9. United States: Commercial Paper Market (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 9. United States: Commercial Paper Market (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 1. Selected Indicators on the Size of the Capital Markets, 2010\n - Table 1. Selected Indicators on the Size of the Capital Markets, 2010 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 1. Selected Indicators on the Size of the Capital Markets, 2010 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 10. Emerging Markets: Mutual Funds\n - Table 10. Emerging Markets: Mutual Funds (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 10. Emerging Markets: Mutual Funds (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 2. MSCI Equity Market Indices\n - Table 2. MSCI Equity Market Indices (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 2. MSCI Equity Market Indices (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 3. Emerging Market Bond Index: EMBI Global Yield Spreads\n - Table 3. Emerging Market Bond Index: EMBI Global Yield Spreads (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 3. Emerging Market Bond Index: EMBI Global Yield Spreads (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 4. Emerging Market External Financing: Total Bonds, Equities, and Loans\n - Table 4. Emerging Market External Financing: Total Bonds, Equities, and Loans (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 4. Emerging Market External Financing: Total Bonds, Equities, and Loans (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 5. Emerging Market External Financing: Bonds\n - Table 5. Emerging Market External Financing: Bonds (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 5. Emerging Market External Financing: Bonds (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 6. Emerging Market External Financing: Equities\n - Table 6. Emerging Market External Financing: Equities (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 6. Emerging Market External Financing: Equities (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 7. Emerging Market External Financing: Loans\n - Table 7. Emerging Market External Financing: Loans (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 7. Emerging Market External Financing: Loans (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 8. Equity Valuation Measures: Dividend-Yield Ratios\n - Table 8. Equity Valuation Measures: Dividend-Yield Ratios (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 8. Equity Valuation Measures: Dividend-Yield Ratios (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- satable9 — Table 9. Equity Valuation Measures: Price/Earnings Ratios\n - satable9 — Table 9. Equity Valuation Measures: Price/Earnings Ratios (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - satable9 — Table 9. Equity Valuation Measures: Price/Earnings Ratios (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- تقرير الاستقرار المالي العالمي، سبتمبر 2011 -- موجز للصحافة للفصلين الثاني والثالث\n - تقرير الاستقرار المالي العالمي، سبتمبر 2011 -- موجز للصحافة للفصلين الثاني والثالث (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - تقرير الاستقرار المالي العالمي، سبتمبر 2011 -- موجز للصحافة للفصلين الثاني والثالث (PDF){rel=\"external\" type=\"application/pdf\"}\n- تقرير الاستقرار المالي العالمي: ملخص واف --عدد سبتمبر 2011\n - تقرير الاستقرار المالي العالمي: ملخص واف --عدد سبتمبر 2011 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - تقرير الاستقرار المالي العالمي: ملخص واف --عدد سبتمبر 2011 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 2011 年9 月期《全球金融稳定报告》第二, 三章新闻发布要点, 2011 年 9 月 13 日\n - 2011 年9 月期《全球金融稳定报告》第二, 三章新闻发布要点, 2011 年 9 月 13 日 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 2011 年9 月期《全球金融稳定报告》第二, 三章新闻发布要点, 2011 年 9 月 13 日 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 2011 年9 月期《全球金融稳定报告》概要, 2011 年 9 月 21 日\n - 2011 年9 月期《全球金融稳定报告》概要, 2011 年 9 月 21 日 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 2011 年9 月期《全球金融稳定报告》概要, 2011 年 9 月 21 日 (PDF){rel=\"external\" type=\"application/pdf\"}\n- pressfpdf\n - pressfpdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - pressfpdf (PDF){rel=\"external\" type=\"application/pdf\"}\n- Rapport sur la stabilité financière dans le monde : Résumé analytique– septembre 2011\n - Rapport sur la stabilité financière dans le monde : Résumé analytique– septembre 2011 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Rapport sur la stabilité financière dans le monde : Résumé analytique– septembre 2011 (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- 国際金融安定性報告書 2011 年9 月 -- 要旨\n - 国際金融安定性報告書 2011 年9 月 -- 要旨 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 国際金融安定性報告書 2011 年9 月 -- 要旨 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Chapter 1 — Selected Boxes and Annex\n - Chapter 1 — Selected Boxes and Annex (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Chapter 1 — Selected Boxes and Annex (PDF){rel=\"external\" type=\"application/pdf\"}\n- chapter 2 Long-Term InvesTors and TheIr asseT aLLocaTIon: Where are They noW?\n - chapter 2 Long-Term InvesTors and TheIr asseT aLLocaTIon: Where are They noW? (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - chapter 2 Long-Term InvesTors and TheIr asseT aLLocaTIon: Where are They noW? (PDF){rel=\"external\" type=\"application/pdf\"}\n- Ch3pdf\n - Ch3pdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Ch3pdf (PDF){rel=\"external\" type=\"application/pdf\"}\n- Press Points for Chapter 2: Long-Term Investors and Their Asset Allocation: Where Are They Now?\n - Press Points for Chapter 2: Long-Term Investors and Their Asset Allocation: Where Are They Now? (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Press Points for Chapter 2: Long-Term Investors and Their Asset Allocation: Where Are They Now? (PDF){rel=\"external\" type=\"application/pdf\"}\n- PRESS POINTS FOR CHAPTER 3: Towards Operationalizing Macroprudential Policies: When to Act?\n - PRESS POINTS FOR CHAPTER 3: Towards Operationalizing Macroprudential Policies: When to Act? (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - PRESS POINTS FOR CHAPTER 3: Towards Operationalizing Macroprudential Policies: When to Act? (PDF){rel=\"external\" type=\"application/pdf\"}\n- Global Financial Stability Report\n - Global Financial Stability Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Global Financial Stability Report (PDF){rel=\"external\" type=\"application/pdf\"}\n- Global Financial Stability Report : Statistical appendix, september 2011\n - Global Financial Stability Report : Statistical appendix, september 2011 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Global Financial Stability Report : Statistical appendix, september 2011 (PDF){rel=\"external\" type=\"application/pdf\"}\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- Тезисы для прессы по главам 2 и 3\n - Тезисы для прессы по главам 2 и 3 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Тезисы для прессы по главам 2 и 3 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Доклад по вопросам глобальной финансовой стабильности: Аналитическое резюме -- Сентябрь 2011 года\n - Доклад по вопросам глобальной финансовой стабильности: Аналитическое резюме -- Сентябрь 2011 года (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Доклад по вопросам глобальной финансовой стабильности: Аналитическое резюме -- Сентябрь 2011 года (PDF){rel=\"external\" type=\"application/pdf\"}\n- Pressspdf\n - Pressspdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Pressspdf (PDF){rel=\"external\" type=\"application/pdf\"}\n- Informe sobre la estabilidad financiera mundial: Resumen ejecutivo -- Septiembre de 2011\n - Informe sobre la estabilidad financiera mundial: Resumen ejecutivo -- Septiembre de 2011 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Informe sobre la estabilidad financiera mundial: Resumen ejecutivo -- Septiembre de 2011 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.\n- Modify your profile\n- Ordering Information\n- Disclaimer\n- Video\n- Video\n- Video\n- Figures\n- Financial Soundness Indicators\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/publications/gfsr/issues/2016/12/31/grappling-with-crisis-legacies" } ], "bullets": [ "[Markdown version](/en/publications/gfsr/issues/2016/12/31/grappling-with-crisis-legacies/index.md)", "[Structured JSON version](/en/publications/gfsr/issues/2016/12/31/grappling-with-crisis-legacies/index.json)", "[Bundle manifest](/en/publications/gfsr/issues/2016/12/31/grappling-with-crisis-legacies/bundle-manifest.json)", "Published: September 13, 2011", "Series: Global Financial Stability Report", "The September 2011 issue cautions that the risks to global financial stability have increased substantially in recent months.", "Heavy public debt burdens and weak growth prospects in many advanced economies combined with a series of shocks to the global financial system.", "The crisis has moved into its fifth year and \"entered a new phase in which political differences within and across economies are impeding progress to address the legacies of the crisis.\"", "Emerging markets, despite brighter growth prospects, face the risk of sharp reversals and must guard against the buildup of financial vulnerabilities.", "The Global Financial Stability Report provides semiannual assessments of global financial markets and addresses emerging market financing in a global context.", "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.", "Key finding: such investors have moved toward safety and liquidity.", "The Report looks at variables that can act as advance indicators of financial crisis.", "It examines how the use of countercyclical capital buffers can help to dampen destabilizing cycles.", "Chapter themes (summaries of analytical focus):", "The Report uses structural macro-financial models to derive helpful hints for moving from sources of risk to systemic risk indicators.", "It searches for leading indicators of financial sector distress and proposes ways to stitch macroprudential indicators and policies together.", "Empirical and modeling annexes provide detailed analyses, including predicting the probability of banking crises and finding robust near-coincident indicators.", "Strengthen monitoring of sovereign vulnerabilities and spillover channels between sovereigns and banking/insurance sectors.", "Monitor long-term investor allocations for shifts toward safety and liquidity that can amplify market stresses.", "Deploy countercyclical capital buffers and other macroprudential instruments to dampen destabilizing credit cycles and contain property booms where relevant.", "Use a combination of leading and near-coincident indicators to time macroprudential actions more effectively.", "**Figure 1.10. Changes in the Sovereign Investor Base**", "**Figure 1.12. Financing Sensitivity to an Interet Rate Shock**", "**Figure 1.13. Size of Euro Area Government Bond Market**", "**Figure1 14**", "**Figure 1.16. Bank Debt Issuance as a Percent of Maturing Debt, 2011**", "**Figure1 17**", "**Figure 1.18. Spillovers from High-Spread Euro Area Sovereigns to Country Banking Systems**", "**Figure 1.2. Global Financial Stability Map**", "**Figure 1.20. European Insurers: Mark-to-Market Impact due to Sovereign Stress**", "**figure1_23**", "**Figure 1.24. Contributions to Change in Bank Balance Sheets since End-2009**", "**Figure1 25**", "**Figure 1.26. Sovereign Credit Default Swaps: Gross Outstandind Amount**", "**Figure 1.29. U.S. Household Balance Sheets**", "**Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions**", "**Figure 1.30. Bank Lending Conditions for Nonfinancial Corporates**", "**Figure 1.31. U.S. BBB Corporate Credit Spreads versus Real Federal Funds Rate**", "**Figure1 32**", "**Figure 1.33. Global Securitization and Structured Products Issuance**", "**Figure 1.35. U.S. Nonfinancial Corporate Financing**", "**Figure 1.36. High-Yield Gross Issuance and Leveraged Loan Covenants**", "**Figure 1.37. Emerging Markets: Capital Flows, Credit, and Equity Prices**", "**Figure1 38**", "**Figure 1.39. Emerging Market Corporates versus U.S. High Yield: Yields, Leverage, Returns**", "**figure1_4**", "**Figure 1.40. Emerging Market Corporate External Issuance**", "**Figure 1.41. Emerging Markets External Corporate Issuance, by Sector**", "**Figure 1.42. Emerging Markets Total Credit to Nonbanking Sector**", "**Figure 1.43. Model Prediction for NPL Ratios in 2011 and 2012**", "**Figure 1.44. Impact of Capital Flows Declines**", "**Figure 1.45. Impact of Terms of Trade Decline**", "**Figure 1.46. Change in Capital Adequacy Ratios under Combined Macro Shocks**", "**Figure 1.48. Impulse Response: Model Specification 1**", "**Figure 1.49. Impluse Responses: Model Specification 2**", "**figure1_5**", "**Figure 1.50. Macro Scenarios under Combined Shocks**", "**Figure 1.6. Historical Volatility in One-Month Treasury Bills During Debt Ceiling Negotiations**", "**Figure 1.7. Historical Advanced Economy Government Bond Yields around Sovereign Debt Downgrades**", "**Table 1.1. Indebtedness and Leverage in Selected Advanced Economies**", "**Table 1.2. Sovereign Market and Vulnerability Indicators**", "**Table 1.3. Emerging Market Banks: Sensitivity to Macro and Funding Shocks**", "**Table 1.4. Macro and Financial Indicators for Selected Economies**", "**boxfigure2_3 — Dataset overview**", "**Figure 2.1. Asset Allocation of Institutional Investors**", "**Figure 2.2. Assets of Institutional Investors by Country**", "**Figure 2.3. Assets under Management by Type of Institutional Investors**", "**Figure 2.4. Global Asset Allocation of Institutional Investors by Country**", "**Figure 2.5. Assets under Management by Type of Institutional Investor and Selected Countries, 2009**", "**Figure 2.6. Foreign Exchange Reserves, Excluding Gold**", "**figure2_9**", "**Figure3_3: Event Study Results: Aggregate Indicators Three Years before to Two Years after Crises**", "**Figure 1. Major Net Exporters and Importers of Capital in 2010**", "**Figure 9. Twelve-Month Forward Price/Earnings Ratios**", "**Figure 7. United States: Corporate Bond Market**", "**Figure 8. Euro Area: Corporate Bond Market**", "**Figure 9. United States: Commercial Paper Market**", "**Table 1. Selected Indicators on the Size of the Capital Markets, 2010**", "**Table 10. Emerging Markets: Mutual Funds**", "**Table 2. MSCI Equity Market Indices**", "**Table 3. Emerging Market Bond Index: EMBI Global Yield Spreads**", "**Table 4. Emerging Market External Financing: Total Bonds, Equities, and Loans**", "**Table 5. Emerging Market External Financing: Bonds**", "**Table 6. Emerging Market External Financing: Equities**", "**Table 7. Emerging Market External Financing: Loans**", "**Table 8. Equity Valuation Measures: Dividend-Yield Ratios**", "**sa_table9 — Table 9. Equity Valuation Measures: Price/Earnings Ratios**", "**تقرير الاستقرار المالي العالمي، سبتمبر 2011 -- موجز للصحافة للفصلين الثاني والثالث**", "**تقرير الاستقرار المالي العالمي: ملخص واف --عدد سبتمبر 2011**", "**2011 年9 月期《全球金融稳定报告》第二, 三章新闻发布要点, 2011 年 9 月 13 日**", "**2011 年9 月期《全球金融稳定报告》概要, 2011 年 9 月 21 日**", "**_pressfpdf**", "**Rapport sur la stabilité financière dans le monde : Résumé analytique– septembre 2011**", "**国際金融安定性報告書**", "**国際金融安定性報告書 2011 年9 月 -- 要旨**", "**Chapter 1 — Selected Boxes and Annex**", "**chapter 2 Long-Term InvesTors and TheIr asseT aLLocaTIon: Where are They noW?**", "**Ch3pdf**", "**Press Points for Chapter 2: Long-Term Investors and Their Asset Allocation: Where Are They Now?**", "**PRESS POINTS FOR CHAPTER 3: Towards Operationalizing Macroprudential Policies: When to Act?**", "**Global Financial Stability Report**", "**Global Financial Stability Report : Statistical appendix, september 2011**", "**Grappling with Crisis Legacies -- Global Financial Stability Report; September 2011**", "**Тезисы для прессы по главам 2 и 3**", "**Доклад по вопросам глобальной финансовой стабильности: Аналитическое резюме -- Сентябрь 2011 года**", "**Pressspdf**", "**Informe sobre la estabilidad financiera mundial: Resumen ejecutivo -- Septiembre de 2011**", "[Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.](https://www.imf.org/en/email-subscription/index)", "[Modify your profile](https://www.imf.org/en/email-subscription/login)", "[Ordering Information](https://www.imf.org/external/pubs/cat/longres.cfm?sk=24745.0)", "[Disclaimer](https://www.imf.org/external/terms.htm)", "[Video](https://www.imf.org/external/mmedia/view.aspx?vid=1171082928001)", "[Video](https://www.imf.org/external/mmedia/view.aspx?vid=1151711001001)", "[Video](https://www.imf.org/external/mmedia/view.aspx?vid=1151772730001)", "[Figures](https://www.imf.org/en/publications/gfsr/issues/2016/12/31/EditorPage.aspx?da=core&di=0&ed=FIELD1235559626&fbd=1&fld=%7B5E30EA8C-0335-4122-B707-513176E32724%7D&hdl=H1235559727&id=%7B057D08A3-5369-45C3-9CEB-84BE2186550C%7D&la=en&mo=&pe=0&so=%2Fsitecore%2Fsystem%2FSettings%2FHtml+Editor+Profiles%2FRich+Text+Full&vs=)", "[Financial Soundness Indicators](http://fsi.imf.org/)" ], "related": [ { "title": "Figure 1.10. Changes in the Sovereign Investor Base", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/figure1_10.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_10.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_10.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.12. Financing Sensitivity to an Interet Rate Shock", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/figure1_12.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_12.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_12.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.13. Size of Euro Area Government Bond Market", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/figure1_13.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_13.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_13.csv", "mime": "application/octet-stream" } }, { "title": "Figure1 14", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/figure1_14.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_14.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_14.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.16. Bank Debt Issuance as a Percent of Maturing Debt, 2011", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/figure1_16.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_16.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_16.csv", "mime": "application/octet-stream" } }, { "title": "Figure1 17", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/figure1_17.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_17.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_17.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.18. Spillovers from High-Spread Euro Area Sovereigns to Country Banking Systems", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/figure1_18.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_18.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_18.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.2. Global Financial Stability Map", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/figure1_2.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_2.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_2.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.20. European Insurers: Mark-to-Market Impact due to Sovereign Stress", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/figure1_20.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_20.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_20.csv", "mime": "application/octet-stream" } }, { "title": "figure1_23", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/figure1_23.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_23.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_23.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.24. Contributions to Change in Bank Balance Sheets since End-2009", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/figure1_24.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_24.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_24.csv", "mime": "application/octet-stream" } }, { "title": "Figure1 25", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/figure1_25.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_25.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_25.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.26. Sovereign Credit Default Swaps: Gross Outstandind Amount", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/figure1_26.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_26.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_26.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.29. U.S. Household Balance Sheets", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/figure1_29.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_29.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_29.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/figure1_3.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_3.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_3.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.30. Bank Lending Conditions for Nonfinancial Corporates", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/figure1_30.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_30.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_30.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.31. U.S. BBB Corporate Credit Spreads versus Real Federal Funds Rate", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/figure1_31.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_31.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_31.csv", "mime": "application/octet-stream" } }, { "title": "Figure1 32", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/figure1_32.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_32.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_32.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.33. Global Securitization and Structured Products Issuance", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/figure1_33.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_33.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_33.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.35. U.S. Nonfinancial Corporate Financing", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/figure1_35.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_35.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_35.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.36. High-Yield Gross Issuance and Leveraged Loan Covenants", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/figure1_36.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_36.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_36.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.37. Emerging Markets: Capital Flows, Credit, and Equity Prices", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/figure1_37.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_37.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_37.csv", "mime": "application/octet-stream" } }, { "title": "Figure1 38", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/figure1_38.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_38.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_38.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.39. Emerging Market Corporates versus U.S. High Yield: Yields, Leverage, Returns", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/figure1_39.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_39.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_39.csv", "mime": "application/octet-stream" } }, { "title": "figure1_4", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/figure1_4.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_4.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_4.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.40. Emerging Market Corporate External Issuance", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/figure1_40.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_40.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_40.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.41. Emerging Markets External Corporate Issuance, by Sector", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/figure1_41.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_41.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_41.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.42. Emerging Markets Total Credit to Nonbanking Sector", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/figure1_42.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_42.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_42.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.43. Model Prediction for NPL Ratios in 2011 and 2012", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/figure1_43.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_43.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_43.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.44. Impact of Capital Flows Declines", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/figure1_44.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_44.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_44.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.45. Impact of Terms of Trade Decline", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/figure1_45.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_45.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_45.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.46. Change in Capital Adequacy Ratios under Combined Macro Shocks", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/figure1_46.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_46.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_46.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.48. Impulse Response: Model Specification 1", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/figure1_48.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_48.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_48.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.49. Impluse Responses: Model Specification 2", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/figure1_49.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_49.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_49.csv", "mime": "application/octet-stream" } }, { "title": "figure1_5", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/figure1_5.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_5.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_5.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.50. Macro Scenarios under Combined Shocks", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/figure1_50.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_50.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_50.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.6. Historical Volatility in One-Month Treasury Bills During Debt Ceiling Negotiations", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/figure1_6.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_6.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_6.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.7. Historical Advanced Economy Government Bond Yields around Sovereign Debt Downgrades", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/figure1_7.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_7.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/figure1_7.csv", "mime": "application/octet-stream" } }, { "title": "Table 1.1. Indebtedness and Leverage in Selected Advanced Economies", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/table1_1.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/table1_1.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/table1_1.csv", "mime": "application/octet-stream" } }, { "title": "Table 1.2. Sovereign Market and Vulnerability Indicators", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/table1_2.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/table1_2.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/table1_2.csv", "mime": "application/octet-stream" } }, { "title": "Table 1.3. Emerging Market Banks: Sensitivity to Macro and Funding Shocks", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/table1_3.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/table1_3.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/table1_3.csv", "mime": "application/octet-stream" } }, { "title": "Table 1.4. Macro and Financial Indicators for Selected Economies", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c1/table1_4.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/table1_4.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c1/table1_4.csv", "mime": "application/octet-stream" } }, { "title": "boxfigure2_3 — Dataset overview", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c2/boxfigure2_3.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c2/boxfigure2_3.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c2/boxfigure2_3.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.1. Asset Allocation of Institutional Investors", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c2/figure2_1.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c2/figure2_1.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c2/figure2_1.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.2. Assets of Institutional Investors by Country", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c2/figure2_2.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c2/figure2_2.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c2/figure2_2.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.3. Assets under Management by Type of Institutional Investors", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c2/figure2_3.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c2/figure2_3.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c2/figure2_3.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.4. Global Asset Allocation of Institutional Investors by Country", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c2/figure2_4.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c2/figure2_4.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c2/figure2_4.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.5. Assets under Management by Type of Institutional Investor and Selected Countries, 2009", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c2/figure2_5.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c2/figure2_5.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c2/figure2_5.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.6. Foreign Exchange Reserves, Excluding Gold", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c2/figure2_6.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c2/figure2_6.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c2/figure2_6.csv", "mime": "application/octet-stream" } }, { "title": "figure2_9", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c2/figure2_9.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c2/figure2_9.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c2/figure2_9.csv", "mime": "application/octet-stream" } }, { "title": "Figure3_3: Event Study Results: Aggregate Indicators Three Years before to Two Years after Crises", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/c3/figure3_3.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/c3/figure3_3.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/c3/figure3_3.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1. Major Net Exporters and Importers of Capital in 2010", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/sa/sa_figure1.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/sa/sa_figure1.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/sa/sa_figure1.csv", "mime": "application/octet-stream" } }, { "title": "Figure 9. Twelve-Month Forward Price/Earnings Ratios", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/sa/sa_figure6.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/sa/sa_figure6.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/sa/sa_figure6.csv", "mime": "application/octet-stream" } }, { "title": "Figure 7. United States: Corporate Bond Market", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/sa/sa_figure7.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/sa/sa_figure7.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/sa/sa_figure7.csv", "mime": "application/octet-stream" } }, { "title": "Figure 8. Euro Area: Corporate Bond Market", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/sa/sa_figure8.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/sa/sa_figure8.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/sa/sa_figure8.csv", "mime": "application/octet-stream" } }, { "title": "Figure 9. United States: Commercial Paper Market", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/sa/sa_figure9.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/sa/sa_figure9.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/sa/sa_figure9.csv", "mime": "application/octet-stream" } }, { "title": "Table 1. Selected Indicators on the Size of the Capital Markets, 2010", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/sa/sa_table1.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/sa/sa_table1.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/sa/sa_table1.csv", "mime": "application/octet-stream" } }, { "title": "Table 10. Emerging Markets: Mutual Funds", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/sa/sa_table10.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/sa/sa_table10.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/sa/sa_table10.csv", "mime": "application/octet-stream" } }, { "title": "Table 2. MSCI Equity Market Indices", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/sa/sa_table2.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/sa/sa_table2.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/sa/sa_table2.csv", "mime": "application/octet-stream" } }, { "title": "Table 3. Emerging Market Bond Index: EMBI Global Yield Spreads", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/sa/sa_table3.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/sa/sa_table3.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/sa/sa_table3.csv", "mime": "application/octet-stream" } }, { "title": "Table 4. Emerging Market External Financing: Total Bonds, Equities, and Loans", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/sa/sa_table4.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/sa/sa_table4.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/sa/sa_table4.csv", "mime": "application/octet-stream" } }, { "title": "Table 5. Emerging Market External Financing: Bonds", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/sa/sa_table5.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/sa/sa_table5.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/sa/sa_table5.csv", "mime": "application/octet-stream" } }, { "title": "Table 6. Emerging Market External Financing: Equities", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/sa/sa_table6.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/sa/sa_table6.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/sa/sa_table6.csv", "mime": "application/octet-stream" } }, { "title": "Table 7. Emerging Market External Financing: Loans", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/sa/sa_table7.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/sa/sa_table7.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/sa/sa_table7.csv", "mime": "application/octet-stream" } }, { "title": "Table 8. Equity Valuation Measures: Dividend-Yield Ratios", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/sa/sa_table8.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/sa/sa_table8.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/sa/sa_table8.csv", "mime": "application/octet-stream" } }, { "title": "sa_table9 — Table 9. Equity Valuation Measures: Price/Earnings Ratios", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2011/02/sa/sa_table9.csv", "summary": { "path": "/external/pubs/ft/GFSR/2011/02/sa/sa_table9.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2011/02/sa/sa_table9.csv", "mime": "application/octet-stream" } }, { "title": "تقرير الاستقرار المالي العالمي، سبتمبر 2011 -- موجز للصحافة للفصلين الثاني والثالث", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/gfsr/2011/02/pdf/_pressapdf.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/gfsr/2011/02/pdf/_pressapdf.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/gfsr/2011/02/pdf/_pressapdf.pdf", "mime": "application/pdf" } }, { "title": "تقرير الاستقرار المالي العالمي: ملخص واف --عدد سبتمبر 2011", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/gfsr/2011/02/pdf/suma.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/gfsr/2011/02/pdf/suma.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/gfsr/2011/02/pdf/suma.pdf", "mime": "application/pdf" } }, { "title": "2011 年9 月期《全球金融稳定报告》第二, 三章新闻发布要点, 2011 年 9 月 13 日", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/gfsr/2011/02/pdf/_presscpdf.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/gfsr/2011/02/pdf/_presscpdf.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/gfsr/2011/02/pdf/_presscpdf.pdf", "mime": "application/pdf" } }, { "title": "2011 年9 月期《全球金融稳定报告》概要, 2011 年 9 月 21 日", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/gfsr/2011/02/pdf/sumc.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/gfsr/2011/02/pdf/sumc.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/gfsr/2011/02/pdf/sumc.pdf", "mime": "application/pdf" } }, { "title": "_pressfpdf", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/gfsr/2011/02/pdf/_pressfpdf.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/gfsr/2011/02/pdf/_pressfpdf.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/gfsr/2011/02/pdf/_pressfpdf.pdf", "mime": "application/pdf" } }, { "title": "Rapport sur la stabilité financière dans le monde : Résumé analytique– septembre 2011", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/gfsr/2011/02/pdf/sumf.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/gfsr/2011/02/pdf/sumf.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/gfsr/2011/02/pdf/sumf.pdf", "mime": "application/pdf" } }, { "title": "国際金融安定性報告書", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/japanese/pubs/ft/gfsr/2011/02/pdf/_pressjpdf.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/japanese/pubs/ft/gfsr/2011/02/pdf/_pressjpdf.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/japanese/pubs/ft/gfsr/2011/02/pdf/_pressjpdf.pdf", "mime": "application/pdf" } }, { "title": "国際金融安定性報告書 2011 年9 月 -- 要旨", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/japanese/pubs/ft/gfsr/2011/02/pdf/sumj.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/japanese/pubs/ft/gfsr/2011/02/pdf/sumj.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/japanese/pubs/ft/gfsr/2011/02/pdf/sumj.pdf", "mime": "application/pdf" } }, { "title": "Chapter 1 — Selected Boxes and Annex", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2011/02/pdf/_ch1pdf.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2011/02/pdf/_ch1pdf.pdf.md", "mime": "text/markdown" }, "binary": { 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