## Grappling with Crisis Legacies: IMF Global Financial Stability Report (GFSR) _Global Financial Stability Report, September 13, 2011_ ## Source details **Canonical URL:** [Grappling with Crisis Legacies: IMF Global Financial Stability Report (GFSR)](https://www.imf.org/en/publications/gfsr/issues/2016/12/31/grappling-with-crisis-legacies) ## Other formats - [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) ## Bibliographic details - Published: September 13, 2011 - Series: Global Financial Stability Report --- ### Overall assessment - 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. ### Asset allocation and investor behavior - 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. ### Crisis indicators, macroprudential tools, and policy guidance - 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): - Overcoming Political Risks and Crisis Legacies: Global stability assessment, sovereign vulnerabilities and contagion risks, search for yield and credit excesses, and policy priorities. - Long-Term Investors and Their Asset Allocation: Longer-term trends in global asset allocation, determinants of private asset allocation, and policy implications. - 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. ### Analytical contributions and methods - 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. ### Policy implications highlighted - 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. *Grappling with Crisis Legacies, September 2011 — IMF Global Financial Stability Report* --- ## Content in this bundle - **Figure 1.10. Changes in the Sovereign Investor Base** - [Figure 1.10. Changes in the Sovereign Investor Base (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/figure1_10.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.10. Changes in the Sovereign Investor Base (CSV)](/external/pubs/ft/GFSR/2011/02/c1/figure1_10.csv){rel="external" type="application/octet-stream"} - **Figure 1.12. Financing Sensitivity to an Interet Rate Shock** - [Figure 1.12. Financing Sensitivity to an Interet Rate Shock (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/figure1_12.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.12. Financing Sensitivity to an Interet Rate Shock (CSV)](/external/pubs/ft/GFSR/2011/02/c1/figure1_12.csv){rel="external" type="application/octet-stream"} - **Figure 1.13. Size of Euro Area Government Bond Market** - [Figure 1.13. Size of Euro Area Government Bond Market (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/figure1_13.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.13. Size of Euro Area Government Bond Market (CSV)](/external/pubs/ft/GFSR/2011/02/c1/figure1_13.csv){rel="external" type="application/octet-stream"} - **Figure1 14** - [Figure1 14 (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/figure1_14.csv.md){rel="alternate" type="text/markdown"} - [Figure1 14 (CSV)](/external/pubs/ft/GFSR/2011/02/c1/figure1_14.csv){rel="external" type="application/octet-stream"} - **Figure 1.16. Bank Debt Issuance as a Percent of Maturing Debt, 2011** - [Figure 1.16. Bank Debt Issuance as a Percent of Maturing Debt, 2011 (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/figure1_16.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.16. Bank Debt Issuance as a Percent of Maturing Debt, 2011 (CSV)](/external/pubs/ft/GFSR/2011/02/c1/figure1_16.csv){rel="external" type="application/octet-stream"} - **Figure1 17** - [Figure1 17 (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/figure1_17.csv.md){rel="alternate" type="text/markdown"} - [Figure1 17 (CSV)](/external/pubs/ft/GFSR/2011/02/c1/figure1_17.csv){rel="external" type="application/octet-stream"} - **Figure 1.18. Spillovers from High-Spread Euro Area Sovereigns to Country Banking Systems** - [Figure 1.18. Spillovers from High-Spread Euro Area Sovereigns to Country Banking Systems (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/figure1_18.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.18. Spillovers from High-Spread Euro Area Sovereigns to Country Banking Systems (CSV)](/external/pubs/ft/GFSR/2011/02/c1/figure1_18.csv){rel="external" type="application/octet-stream"} - **Figure 1.2. Global Financial Stability Map** - [Figure 1.2. Global Financial Stability Map (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/figure1_2.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.2. Global Financial Stability Map (CSV)](/external/pubs/ft/GFSR/2011/02/c1/figure1_2.csv){rel="external" type="application/octet-stream"} - **Figure 1.20. European Insurers: Mark-to-Market Impact due to Sovereign Stress** - [Figure 1.20. European Insurers: Mark-to-Market Impact due to Sovereign Stress (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/figure1_20.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.20. European Insurers: Mark-to-Market Impact due to Sovereign Stress (CSV)](/external/pubs/ft/GFSR/2011/02/c1/figure1_20.csv){rel="external" type="application/octet-stream"} - **figure1_23** - [figure1_23 (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/figure1_23.csv.md){rel="alternate" type="text/markdown"} - [figure1_23 (CSV)](/external/pubs/ft/GFSR/2011/02/c1/figure1_23.csv){rel="external" type="application/octet-stream"} - **Figure 1.24. Contributions to Change in Bank Balance Sheets since End-2009** - [Figure 1.24. Contributions to Change in Bank Balance Sheets since End-2009 (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/figure1_24.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.24. Contributions to Change in Bank Balance Sheets since End-2009 (CSV)](/external/pubs/ft/GFSR/2011/02/c1/figure1_24.csv){rel="external" type="application/octet-stream"} - **Figure1 25** - [Figure1 25 (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/figure1_25.csv.md){rel="alternate" type="text/markdown"} - [Figure1 25 (CSV)](/external/pubs/ft/GFSR/2011/02/c1/figure1_25.csv){rel="external" type="application/octet-stream"} - **Figure 1.26. Sovereign Credit Default Swaps: Gross Outstandind Amount** - [Figure 1.26. Sovereign Credit Default Swaps: Gross Outstandind Amount (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/figure1_26.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.26. Sovereign Credit Default Swaps: Gross Outstandind Amount (CSV)](/external/pubs/ft/GFSR/2011/02/c1/figure1_26.csv){rel="external" type="application/octet-stream"} - **Figure 1.29. U.S. Household Balance Sheets** - [Figure 1.29. U.S. Household Balance Sheets (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/figure1_29.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.29. U.S. Household Balance Sheets (CSV)](/external/pubs/ft/GFSR/2011/02/c1/figure1_29.csv){rel="external" type="application/octet-stream"} - **Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions** - [Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/figure1_3.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions (CSV)](/external/pubs/ft/GFSR/2011/02/c1/figure1_3.csv){rel="external" type="application/octet-stream"} - **Figure 1.30. Bank Lending Conditions for Nonfinancial Corporates** - [Figure 1.30. Bank Lending Conditions for Nonfinancial Corporates (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/figure1_30.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.30. Bank Lending Conditions for Nonfinancial Corporates (CSV)](/external/pubs/ft/GFSR/2011/02/c1/figure1_30.csv){rel="external" type="application/octet-stream"} - **Figure 1.31. U.S. BBB Corporate Credit Spreads versus Real Federal Funds Rate** - [Figure 1.31. U.S. BBB Corporate Credit Spreads versus Real Federal Funds Rate (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/figure1_31.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.31. U.S. BBB Corporate Credit Spreads versus Real Federal Funds Rate (CSV)](/external/pubs/ft/GFSR/2011/02/c1/figure1_31.csv){rel="external" type="application/octet-stream"} - **Figure1 32** - [Figure1 32 (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/figure1_32.csv.md){rel="alternate" type="text/markdown"} - [Figure1 32 (CSV)](/external/pubs/ft/GFSR/2011/02/c1/figure1_32.csv){rel="external" type="application/octet-stream"} - **Figure 1.33. Global Securitization and Structured Products Issuance** - [Figure 1.33. Global Securitization and Structured Products Issuance (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/figure1_33.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.33. Global Securitization and Structured Products Issuance (CSV)](/external/pubs/ft/GFSR/2011/02/c1/figure1_33.csv){rel="external" type="application/octet-stream"} - **Figure 1.35. U.S. Nonfinancial Corporate Financing** - [Figure 1.35. U.S. Nonfinancial Corporate Financing (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/figure1_35.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.35. U.S. Nonfinancial Corporate Financing (CSV)](/external/pubs/ft/GFSR/2011/02/c1/figure1_35.csv){rel="external" type="application/octet-stream"} - **Figure 1.36. High-Yield Gross Issuance and Leveraged Loan Covenants** - [Figure 1.36. High-Yield Gross Issuance and Leveraged Loan Covenants (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/figure1_36.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.36. High-Yield Gross Issuance and Leveraged Loan Covenants (CSV)](/external/pubs/ft/GFSR/2011/02/c1/figure1_36.csv){rel="external" type="application/octet-stream"} - **Figure 1.37. Emerging Markets: Capital Flows, Credit, and Equity Prices** - [Figure 1.37. Emerging Markets: Capital Flows, Credit, and Equity Prices (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/figure1_37.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.37. Emerging Markets: Capital Flows, Credit, and Equity Prices (CSV)](/external/pubs/ft/GFSR/2011/02/c1/figure1_37.csv){rel="external" type="application/octet-stream"} - **Figure1 38** - [Figure1 38 (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/figure1_38.csv.md){rel="alternate" type="text/markdown"} - [Figure1 38 (CSV)](/external/pubs/ft/GFSR/2011/02/c1/figure1_38.csv){rel="external" type="application/octet-stream"} - **Figure 1.39. Emerging Market Corporates versus U.S. High Yield: Yields, Leverage, Returns** - [Figure 1.39. Emerging Market Corporates versus U.S. High Yield: Yields, Leverage, Returns (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/figure1_39.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.39. Emerging Market Corporates versus U.S. High Yield: Yields, Leverage, Returns (CSV)](/external/pubs/ft/GFSR/2011/02/c1/figure1_39.csv){rel="external" type="application/octet-stream"} - **figure1_4** - [figure1_4 (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/figure1_4.csv.md){rel="alternate" type="text/markdown"} - [figure1_4 (CSV)](/external/pubs/ft/GFSR/2011/02/c1/figure1_4.csv){rel="external" type="application/octet-stream"} - **Figure 1.40. Emerging Market Corporate External Issuance** - [Figure 1.40. Emerging Market Corporate External Issuance (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/figure1_40.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.40. Emerging Market Corporate External Issuance (CSV)](/external/pubs/ft/GFSR/2011/02/c1/figure1_40.csv){rel="external" type="application/octet-stream"} - **Figure 1.41. Emerging Markets External Corporate Issuance, by Sector** - [Figure 1.41. Emerging Markets External Corporate Issuance, by Sector (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/figure1_41.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.41. Emerging Markets External Corporate Issuance, by Sector (CSV)](/external/pubs/ft/GFSR/2011/02/c1/figure1_41.csv){rel="external" type="application/octet-stream"} - **Figure 1.42. Emerging Markets Total Credit to Nonbanking Sector** - [Figure 1.42. Emerging Markets Total Credit to Nonbanking Sector (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/figure1_42.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.42. Emerging Markets Total Credit to Nonbanking Sector (CSV)](/external/pubs/ft/GFSR/2011/02/c1/figure1_42.csv){rel="external" type="application/octet-stream"} - **Figure 1.43. Model Prediction for NPL Ratios in 2011 and 2012** - [Figure 1.43. Model Prediction for NPL Ratios in 2011 and 2012 (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/figure1_43.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.43. Model Prediction for NPL Ratios in 2011 and 2012 (CSV)](/external/pubs/ft/GFSR/2011/02/c1/figure1_43.csv){rel="external" type="application/octet-stream"} - **Figure 1.44. Impact of Capital Flows Declines** - [Figure 1.44. Impact of Capital Flows Declines (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/figure1_44.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.44. Impact of Capital Flows Declines (CSV)](/external/pubs/ft/GFSR/2011/02/c1/figure1_44.csv){rel="external" type="application/octet-stream"} - **Figure 1.45. Impact of Terms of Trade Decline** - [Figure 1.45. Impact of Terms of Trade Decline (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/figure1_45.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.45. Impact of Terms of Trade Decline (CSV)](/external/pubs/ft/GFSR/2011/02/c1/figure1_45.csv){rel="external" type="application/octet-stream"} - **Figure 1.46. Change in Capital Adequacy Ratios under Combined Macro Shocks** - [Figure 1.46. Change in Capital Adequacy Ratios under Combined Macro Shocks (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/figure1_46.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.46. Change in Capital Adequacy Ratios under Combined Macro Shocks (CSV)](/external/pubs/ft/GFSR/2011/02/c1/figure1_46.csv){rel="external" type="application/octet-stream"} - **Figure 1.48. Impulse Response: Model Specification 1** - [Figure 1.48. Impulse Response: Model Specification 1 (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/figure1_48.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.48. Impulse Response: Model Specification 1 (CSV)](/external/pubs/ft/GFSR/2011/02/c1/figure1_48.csv){rel="external" type="application/octet-stream"} - **Figure 1.49. Impluse Responses: Model Specification 2** - [Figure 1.49. Impluse Responses: Model Specification 2 (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/figure1_49.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.49. Impluse Responses: Model Specification 2 (CSV)](/external/pubs/ft/GFSR/2011/02/c1/figure1_49.csv){rel="external" type="application/octet-stream"} - **figure1_5** - [figure1_5 (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/figure1_5.csv.md){rel="alternate" type="text/markdown"} - [figure1_5 (CSV)](/external/pubs/ft/GFSR/2011/02/c1/figure1_5.csv){rel="external" type="application/octet-stream"} - **Figure 1.50. Macro Scenarios under Combined Shocks** - [Figure 1.50. Macro Scenarios under Combined Shocks (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/figure1_50.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.50. Macro Scenarios under Combined Shocks (CSV)](/external/pubs/ft/GFSR/2011/02/c1/figure1_50.csv){rel="external" type="application/octet-stream"} - **Figure 1.6. Historical Volatility in One-Month Treasury Bills During Debt Ceiling Negotiations** - [Figure 1.6. Historical Volatility in One-Month Treasury Bills During Debt Ceiling Negotiations (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/figure1_6.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.6. Historical Volatility in One-Month Treasury Bills During Debt Ceiling Negotiations (CSV)](/external/pubs/ft/GFSR/2011/02/c1/figure1_6.csv){rel="external" type="application/octet-stream"} - **Figure 1.7. Historical Advanced Economy Government Bond Yields around Sovereign Debt Downgrades** - [Figure 1.7. Historical Advanced Economy Government Bond Yields around Sovereign Debt Downgrades (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/figure1_7.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.7. Historical Advanced Economy Government Bond Yields around Sovereign Debt Downgrades (CSV)](/external/pubs/ft/GFSR/2011/02/c1/figure1_7.csv){rel="external" type="application/octet-stream"} - **Table 1.1. Indebtedness and Leverage in Selected Advanced Economies** - [Table 1.1. Indebtedness and Leverage in Selected Advanced Economies (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/table1_1.csv.md){rel="alternate" type="text/markdown"} - [Table 1.1. Indebtedness and Leverage in Selected Advanced Economies (CSV)](/external/pubs/ft/GFSR/2011/02/c1/table1_1.csv){rel="external" type="application/octet-stream"} - **Table 1.2. Sovereign Market and Vulnerability Indicators** - [Table 1.2. Sovereign Market and Vulnerability Indicators (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/table1_2.csv.md){rel="alternate" type="text/markdown"} - [Table 1.2. Sovereign Market and Vulnerability Indicators (CSV)](/external/pubs/ft/GFSR/2011/02/c1/table1_2.csv){rel="external" type="application/octet-stream"} - **Table 1.3. Emerging Market Banks: Sensitivity to Macro and Funding Shocks** - [Table 1.3. Emerging Market Banks: Sensitivity to Macro and Funding Shocks (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/table1_3.csv.md){rel="alternate" type="text/markdown"} - [Table 1.3. Emerging Market Banks: Sensitivity to Macro and Funding Shocks (CSV)](/external/pubs/ft/GFSR/2011/02/c1/table1_3.csv){rel="external" type="application/octet-stream"} - **Table 1.4. Macro and Financial Indicators for Selected Economies** - [Table 1.4. Macro and Financial Indicators for Selected Economies (Markdown version)](/external/pubs/ft/GFSR/2011/02/c1/table1_4.csv.md){rel="alternate" type="text/markdown"} - [Table 1.4. Macro and Financial Indicators for Selected Economies (CSV)](/external/pubs/ft/GFSR/2011/02/c1/table1_4.csv){rel="external" type="application/octet-stream"} - **boxfigure2_3 — Dataset overview** - [boxfigure2_3 — Dataset overview (Markdown version)](/external/pubs/ft/GFSR/2011/02/c2/boxfigure2_3.csv.md){rel="alternate" type="text/markdown"} - [boxfigure2_3 — Dataset overview (CSV)](/external/pubs/ft/GFSR/2011/02/c2/boxfigure2_3.csv){rel="external" type="application/octet-stream"} - **Figure 2.1. Asset Allocation of Institutional Investors** - [Figure 2.1. Asset Allocation of Institutional Investors (Markdown version)](/external/pubs/ft/GFSR/2011/02/c2/figure2_1.csv.md){rel="alternate" type="text/markdown"} - [Figure 2.1. Asset Allocation of Institutional Investors (CSV)](/external/pubs/ft/GFSR/2011/02/c2/figure2_1.csv){rel="external" type="application/octet-stream"} - **Figure 2.2. Assets of Institutional Investors by Country** - [Figure 2.2. Assets of Institutional Investors by Country (Markdown version)](/external/pubs/ft/GFSR/2011/02/c2/figure2_2.csv.md){rel="alternate" type="text/markdown"} - [Figure 2.2. Assets of Institutional Investors by Country (CSV)](/external/pubs/ft/GFSR/2011/02/c2/figure2_2.csv){rel="external" type="application/octet-stream"} - **Figure 2.3. Assets under Management by Type of Institutional Investors** - [Figure 2.3. Assets under Management by Type of Institutional Investors (Markdown version)](/external/pubs/ft/GFSR/2011/02/c2/figure2_3.csv.md){rel="alternate" type="text/markdown"} - [Figure 2.3. Assets under Management by Type of Institutional Investors (CSV)](/external/pubs/ft/GFSR/2011/02/c2/figure2_3.csv){rel="external" type="application/octet-stream"} - **Figure 2.4. Global Asset Allocation of Institutional Investors by Country** - [Figure 2.4. Global Asset Allocation of Institutional Investors by Country (Markdown version)](/external/pubs/ft/GFSR/2011/02/c2/figure2_4.csv.md){rel="alternate" type="text/markdown"} - [Figure 2.4. Global Asset Allocation of Institutional Investors by Country (CSV)](/external/pubs/ft/GFSR/2011/02/c2/figure2_4.csv){rel="external" type="application/octet-stream"} - **Figure 2.5. Assets under Management by Type of Institutional Investor and Selected Countries, 2009** - [Figure 2.5. Assets under Management by Type of Institutional Investor and Selected Countries, 2009 (Markdown version)](/external/pubs/ft/GFSR/2011/02/c2/figure2_5.csv.md){rel="alternate" type="text/markdown"} - [Figure 2.5. Assets under Management by Type of Institutional Investor and Selected Countries, 2009 (CSV)](/external/pubs/ft/GFSR/2011/02/c2/figure2_5.csv){rel="external" type="application/octet-stream"} - **Figure 2.6. Foreign Exchange Reserves, Excluding Gold** - [Figure 2.6. Foreign Exchange Reserves, Excluding Gold (Markdown version)](/external/pubs/ft/GFSR/2011/02/c2/figure2_6.csv.md){rel="alternate" type="text/markdown"} - [Figure 2.6. Foreign Exchange Reserves, Excluding Gold (CSV)](/external/pubs/ft/GFSR/2011/02/c2/figure2_6.csv){rel="external" type="application/octet-stream"} - **figure2_9** - [figure2_9 (Markdown version)](/external/pubs/ft/GFSR/2011/02/c2/figure2_9.csv.md){rel="alternate" type="text/markdown"} - [figure2_9 (CSV)](/external/pubs/ft/GFSR/2011/02/c2/figure2_9.csv){rel="external" type="application/octet-stream"} - **Figure3_3: Event Study Results: Aggregate Indicators Three Years before to Two Years after Crises** - [Figure3_3: Event Study Results: Aggregate Indicators Three Years before to Two Years after Crises (Markdown version)](/external/pubs/ft/GFSR/2011/02/c3/figure3_3.csv.md){rel="alternate" type="text/markdown"} - [Figure3_3: Event Study Results: Aggregate Indicators Three Years before to Two Years after Crises (CSV)](/external/pubs/ft/GFSR/2011/02/c3/figure3_3.csv){rel="external" type="application/octet-stream"} - **Figure 1. Major Net Exporters and Importers of Capital in 2010** - [Figure 1. Major Net Exporters and Importers of Capital in 2010 (Markdown version)](/external/pubs/ft/GFSR/2011/02/sa/sa_figure1.csv.md){rel="alternate" type="text/markdown"} - [Figure 1. Major Net Exporters and Importers of Capital in 2010 (CSV)](/external/pubs/ft/GFSR/2011/02/sa/sa_figure1.csv){rel="external" type="application/octet-stream"} - **Figure 9. Twelve-Month Forward Price/Earnings Ratios** - [Figure 9. Twelve-Month Forward Price/Earnings Ratios (Markdown version)](/external/pubs/ft/GFSR/2011/02/sa/sa_figure6.csv.md){rel="alternate" type="text/markdown"} - [Figure 9. Twelve-Month Forward Price/Earnings Ratios (CSV)](/external/pubs/ft/GFSR/2011/02/sa/sa_figure6.csv){rel="external" type="application/octet-stream"} - **Figure 7. United States: Corporate Bond Market** - [Figure 7. United States: Corporate Bond Market (Markdown version)](/external/pubs/ft/GFSR/2011/02/sa/sa_figure7.csv.md){rel="alternate" type="text/markdown"} - [Figure 7. United States: Corporate Bond Market (CSV)](/external/pubs/ft/GFSR/2011/02/sa/sa_figure7.csv){rel="external" type="application/octet-stream"} - **Figure 8. Euro Area: Corporate Bond Market** - [Figure 8. Euro Area: Corporate Bond Market (Markdown version)](/external/pubs/ft/GFSR/2011/02/sa/sa_figure8.csv.md){rel="alternate" type="text/markdown"} - [Figure 8. Euro Area: Corporate Bond Market (CSV)](/external/pubs/ft/GFSR/2011/02/sa/sa_figure8.csv){rel="external" type="application/octet-stream"} - **Figure 9. United States: Commercial Paper Market** - [Figure 9. United States: Commercial Paper Market (Markdown version)](/external/pubs/ft/GFSR/2011/02/sa/sa_figure9.csv.md){rel="alternate" type="text/markdown"} - [Figure 9. United States: Commercial Paper Market (CSV)](/external/pubs/ft/GFSR/2011/02/sa/sa_figure9.csv){rel="external" type="application/octet-stream"} - **Table 1. Selected Indicators on the Size of the Capital Markets, 2010** - [Table 1. Selected Indicators on the Size of the Capital Markets, 2010 (Markdown version)](/external/pubs/ft/GFSR/2011/02/sa/sa_table1.csv.md){rel="alternate" type="text/markdown"} - [Table 1. Selected Indicators on the Size of the Capital Markets, 2010 (CSV)](/external/pubs/ft/GFSR/2011/02/sa/sa_table1.csv){rel="external" type="application/octet-stream"} - **Table 10. Emerging Markets: Mutual Funds** - [Table 10. Emerging Markets: Mutual Funds (Markdown version)](/external/pubs/ft/GFSR/2011/02/sa/sa_table10.csv.md){rel="alternate" type="text/markdown"} - [Table 10. Emerging Markets: Mutual Funds (CSV)](/external/pubs/ft/GFSR/2011/02/sa/sa_table10.csv){rel="external" type="application/octet-stream"} - **Table 2. MSCI Equity Market Indices** - [Table 2. MSCI Equity Market Indices (Markdown version)](/external/pubs/ft/GFSR/2011/02/sa/sa_table2.csv.md){rel="alternate" type="text/markdown"} - [Table 2. MSCI Equity Market Indices (CSV)](/external/pubs/ft/GFSR/2011/02/sa/sa_table2.csv){rel="external" type="application/octet-stream"} - **Table 3. Emerging Market Bond Index: EMBI Global Yield Spreads** - [Table 3. Emerging Market Bond Index: EMBI Global Yield Spreads (Markdown version)](/external/pubs/ft/GFSR/2011/02/sa/sa_table3.csv.md){rel="alternate" type="text/markdown"} - [Table 3. Emerging Market Bond Index: EMBI Global Yield Spreads (CSV)](/external/pubs/ft/GFSR/2011/02/sa/sa_table3.csv){rel="external" type="application/octet-stream"} - **Table 4. Emerging Market External Financing: Total Bonds, Equities, and Loans** - [Table 4. Emerging Market External Financing: Total Bonds, Equities, and Loans (Markdown version)](/external/pubs/ft/GFSR/2011/02/sa/sa_table4.csv.md){rel="alternate" type="text/markdown"} - [Table 4. Emerging Market External Financing: Total Bonds, Equities, and Loans (CSV)](/external/pubs/ft/GFSR/2011/02/sa/sa_table4.csv){rel="external" type="application/octet-stream"} - **Table 5. Emerging Market External Financing: Bonds** - [Table 5. Emerging Market External Financing: Bonds (Markdown version)](/external/pubs/ft/GFSR/2011/02/sa/sa_table5.csv.md){rel="alternate" type="text/markdown"} - [Table 5. Emerging Market External Financing: Bonds (CSV)](/external/pubs/ft/GFSR/2011/02/sa/sa_table5.csv){rel="external" type="application/octet-stream"} - **Table 6. Emerging Market External Financing: Equities** - [Table 6. Emerging Market External Financing: Equities (Markdown version)](/external/pubs/ft/GFSR/2011/02/sa/sa_table6.csv.md){rel="alternate" type="text/markdown"} - [Table 6. Emerging Market External Financing: Equities (CSV)](/external/pubs/ft/GFSR/2011/02/sa/sa_table6.csv){rel="external" type="application/octet-stream"} - **Table 7. Emerging Market External Financing: Loans** - [Table 7. Emerging Market External Financing: Loans (Markdown version)](/external/pubs/ft/GFSR/2011/02/sa/sa_table7.csv.md){rel="alternate" type="text/markdown"} - [Table 7. Emerging Market External Financing: Loans (CSV)](/external/pubs/ft/GFSR/2011/02/sa/sa_table7.csv){rel="external" type="application/octet-stream"} - **Table 8. Equity Valuation Measures: Dividend-Yield Ratios** - [Table 8. Equity Valuation Measures: Dividend-Yield Ratios (Markdown version)](/external/pubs/ft/GFSR/2011/02/sa/sa_table8.csv.md){rel="alternate" type="text/markdown"} - [Table 8. Equity Valuation Measures: Dividend-Yield Ratios (CSV)](/external/pubs/ft/GFSR/2011/02/sa/sa_table8.csv){rel="external" type="application/octet-stream"} - **sa_table9 — Table 9. Equity Valuation Measures: Price/Earnings Ratios** - [sa_table9 — Table 9. Equity Valuation Measures: Price/Earnings Ratios (Markdown version)](/external/pubs/ft/GFSR/2011/02/sa/sa_table9.csv.md){rel="alternate" type="text/markdown"} - [sa_table9 — Table 9. Equity Valuation Measures: Price/Earnings Ratios (CSV)](/external/pubs/ft/GFSR/2011/02/sa/sa_table9.csv){rel="external" type="application/octet-stream"} - **تقرير الاستقرار المالي العالمي، سبتمبر 2011 -- موجز للصحافة للفصلين الثاني والثالث** - [تقرير الاستقرار المالي العالمي، سبتمبر 2011 -- موجز للصحافة للفصلين الثاني والثالث (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/gfsr/2011/02/pdf/_pressapdf.pdf.md){rel="alternate" type="text/markdown"} - [تقرير الاستقرار المالي العالمي، سبتمبر 2011 -- موجز للصحافة للفصلين الثاني والثالث (PDF)](/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/gfsr/2011/02/pdf/_pressapdf.pdf){rel="external" type="application/pdf"} - **تقرير الاستقرار المالي العالمي: ملخص واف --عدد سبتمبر 2011** - [تقرير الاستقرار المالي العالمي: ملخص واف --عدد سبتمبر 2011 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/gfsr/2011/02/pdf/suma.pdf.md){rel="alternate" type="text/markdown"} - [تقرير الاستقرار المالي العالمي: ملخص واف --عدد سبتمبر 2011 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/gfsr/2011/02/pdf/suma.pdf){rel="external" type="application/pdf"} - **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》第二, 三章新闻发布要点, 2011 年 9 月 13 日 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/gfsr/2011/02/pdf/_presscpdf.pdf.md){rel="alternate" type="text/markdown"} - [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)](/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/gfsr/2011/02/pdf/_presscpdf.pdf){rel="external" type="application/pdf"} - **2011 年9 月期《全球金融稳定报告》概要, 2011 年 9 月 21 日** - [2011 年9 月期《全球金融稳定报告》概要, 2011 年 9 月 21 日 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/gfsr/2011/02/pdf/sumc.pdf.md){rel="alternate" type="text/markdown"} - [2011 年9 月期《全球金融稳定报告》概要, 2011 年 9 月 21 日 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/gfsr/2011/02/pdf/sumc.pdf){rel="external" type="application/pdf"} - **_pressfpdf** - [_pressfpdf (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/gfsr/2011/02/pdf/_pressfpdf.pdf.md){rel="alternate" type="text/markdown"} - [_pressfpdf (PDF)](/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/gfsr/2011/02/pdf/_pressfpdf.pdf){rel="external" type="application/pdf"} - **Rapport sur la stabilité financière dans le monde : Résumé analytique– septembre 2011** - [Rapport sur la stabilité financière dans le monde : Résumé analytique– septembre 2011 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/gfsr/2011/02/pdf/sumf.pdf.md){rel="alternate" type="text/markdown"} - [Rapport sur la stabilité financière dans le monde : Résumé analytique– septembre 2011 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/gfsr/2011/02/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-flagship-issues/external/japanese/pubs/ft/gfsr/2011/02/pdf/_pressjpdf.pdf.md){rel="alternate" type="text/markdown"} - [国際金融安定性報告書 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/japanese/pubs/ft/gfsr/2011/02/pdf/_pressjpdf.pdf){rel="external" type="application/pdf"} - **国際金融安定性報告書 2011 年9 月 -- 要旨** - [国際金融安定性報告書 2011 年9 月 -- 要旨 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/japanese/pubs/ft/gfsr/2011/02/pdf/sumj.pdf.md){rel="alternate" type="text/markdown"} - [国際金融安定性報告書 2011 年9 月 -- 要旨 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/japanese/pubs/ft/gfsr/2011/02/pdf/sumj.pdf){rel="external" type="application/pdf"} - **Chapter 1 — Selected Boxes and Annex** - [Chapter 1 — Selected Boxes and Annex (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2011/02/pdf/_ch1pdf.pdf.md){rel="alternate" type="text/markdown"} - [Chapter 1 — Selected Boxes and Annex (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2011/02/pdf/_ch1pdf.pdf){rel="external" type="application/pdf"} - **chapter 2 Long-Term InvesTors and TheIr asseT aLLocaTIon: Where are They noW?** - [chapter 2 Long-Term InvesTors and TheIr asseT aLLocaTIon: Where are They noW? (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2011/02/pdf/_ch2pdf.pdf.md){rel="alternate" type="text/markdown"} - [chapter 2 Long-Term InvesTors and TheIr asseT aLLocaTIon: Where are They noW? (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2011/02/pdf/_ch2pdf.pdf){rel="external" type="application/pdf"} - **Ch3pdf** - [Ch3pdf (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2011/02/pdf/_ch3pdf.pdf.md){rel="alternate" type="text/markdown"} - [Ch3pdf (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2011/02/pdf/_ch3pdf.pdf){rel="external" type="application/pdf"} - **Press Points for Chapter 2: Long-Term Investors and Their Asset Allocation: Where Are They Now?** - [Press Points for Chapter 2: Long-Term Investors and Their Asset Allocation: Where Are They Now? (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2011/02/pdf/_press2pdf.pdf.md){rel="alternate" type="text/markdown"} - [Press Points for Chapter 2: Long-Term Investors and Their Asset Allocation: Where Are They Now? (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2011/02/pdf/_press2pdf.pdf){rel="external" type="application/pdf"} - **PRESS POINTS FOR CHAPTER 3: Towards Operationalizing Macroprudential Policies: When to Act?** - [PRESS POINTS FOR CHAPTER 3: Towards Operationalizing Macroprudential Policies: When to Act? (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2011/02/pdf/_press3pdf.pdf.md){rel="alternate" type="text/markdown"} - [PRESS POINTS FOR CHAPTER 3: Towards Operationalizing Macroprudential Policies: When to Act? (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2011/02/pdf/_press3pdf.pdf){rel="external" type="application/pdf"} - **Global Financial Stability Report** - [Global Financial Stability Report (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2011/02/pdf/_presspdf.pdf.md){rel="alternate" type="text/markdown"} - [Global Financial Stability Report (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2011/02/pdf/_presspdf.pdf){rel="external" type="application/pdf"} - **Global Financial Stability Report : Statistical appendix, september 2011** - [Global Financial Stability Report : Statistical appendix, september 2011 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2011/02/pdf/_statappxpdf.pdf.md){rel="alternate" type="text/markdown"} - [Global Financial Stability Report : Statistical appendix, september 2011 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2011/02/pdf/_statappxpdf.pdf){rel="external" type="application/pdf"} - **Grappling with Crisis Legacies -- Global Financial Stability Report; September 2011** - [Grappling with Crisis Legacies -- Global Financial Stability Report; September 2011 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2011/02/pdf/_textpdf.pdf.md){rel="alternate" type="text/markdown"} - [Grappling with Crisis Legacies -- Global Financial Stability Report; September 2011 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2011/02/pdf/_textpdf.pdf){rel="external" type="application/pdf"} - **Тезисы для прессы по главам 2 и 3** - [Тезисы для прессы по главам 2 и 3 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/russian/pubs/ft/gfsr/2011/02/pdf/_pressrpdf.pdf.md){rel="alternate" type="text/markdown"} - [Тезисы для прессы по главам 2 и 3 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/russian/pubs/ft/gfsr/2011/02/pdf/_pressrpdf.pdf){rel="external" type="application/pdf"} - **Доклад по вопросам глобальной финансовой стабильности: Аналитическое резюме -- Сентябрь 2011 года** - [Доклад по вопросам глобальной финансовой стабильности: Аналитическое резюме -- Сентябрь 2011 года (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/russian/pubs/ft/gfsr/2011/02/pdf/sumr.pdf.md){rel="alternate" type="text/markdown"} - [Доклад по вопросам глобальной финансовой стабильности: Аналитическое резюме -- Сентябрь 2011 года (PDF)](/-/media/websites/imf/imported-flagship-issues/external/russian/pubs/ft/gfsr/2011/02/pdf/sumr.pdf){rel="external" type="application/pdf"} - **Pressspdf** - [Pressspdf (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/spanish/pubs/ft/gfsr/2011/02/pdf/_pressspdf.pdf.md){rel="alternate" type="text/markdown"} - [Pressspdf (PDF)](/-/media/websites/imf/imported-flagship-issues/external/spanish/pubs/ft/gfsr/2011/02/pdf/_pressspdf.pdf){rel="external" type="application/pdf"} - **Informe sobre la estabilidad financiera mundial: Resumen ejecutivo -- Septiembre de 2011** - [Informe sobre la estabilidad financiera mundial: Resumen ejecutivo -- Septiembre de 2011 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/spanish/pubs/ft/gfsr/2011/02/pdf/sums.pdf.md){rel="alternate" type="text/markdown"} - [Informe sobre la estabilidad financiera mundial: Resumen ejecutivo -- Septiembre de 2011 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/spanish/pubs/ft/gfsr/2011/02/pdf/sums.pdf){rel="external" type="application/pdf"} --- ## References - [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/) _Source: https://www.imf.org/en/publications/gfsr/issues/2016/12/31/grappling-with-crisis-legacies_