IMF Global Financial Stability Report: Market Developments and Issues, April 2007 -- Contents

Global Financial Stability Report, April 10, 2007

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IMF Global Financial Stability Report: Market Developments and Issues, April 2007 -- Contents

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Bibliographic details

• Published: April 10, 2007
• Series: Global Financial Stability Report

Overview and Access

• Webcast of Press Conference on the Global Financial Stability Report, April 10, 2007
• Transcript of Press Conference on the Global Financial Stability Report, April 10, 2007
• About the Global Financial Stability Report
• Global Financial Stability Reports
• Email notification sign-up
• Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.
• Modify your profile
• Market Developments and Issues — April 2007
• Language availability pointers: 中文, español, français, English
• Full text and Summaries indicated with file sizes where provided:
  • Preface (93KB pdf file)
  • Executive Summary(90KB pdf file)
  • Chapter I. Assessing Global Financial Risks — Full Text (616KB pdf file) | Summary
  • Chapter II. Changes in the International Investor Base and Implications for Financial Stability — Full Text (336KB pdf file) | Summary
  • Chapter III. The Globalization of Financial Institutions and Its Implication for Financial Stability — Full Text (308KB pdf file) | Summary
  • Glossary (107KB pdf file)
  • Annex: Summing Up by the Chairman (107KB pdf file)
  • Statistical Appendix (1,321KB pdf file)

Chapter I — Assessing Global Financial Risks (chapter headings and analytic themes)

• Global Financial Stability Map
• Deterioration in the U.S. Subprime Mortgage Market—What Are the Spillover Risks?
• What Is Driving the Leveraged Buyout Boom and Does It Pose Stability Risks?
• Implications of Financing of Global Imbalances with Debt Flows
• Emerging Market Risks and Challenges in a Benign External Environment
• Are Global Financial Markets Too Complacent?
• Policies to Mitigate Stability Risks
• Annexes in Chapter I:
  • Annex 1.1. Implementing the Global Financial Stability Map
  • Annex 1.2. Financial Systems in Mature and Emerging Markets
  • Annex 1.3. Credit Derivatives and Structured Credit Market Update
  • Annex 1.4. Trends and Oversight Developments in the Hedge Fund Industry
• References

Chapter II — Changes in the International Investor Base and Implications for Financial Stability

• Asset Accumulation and Implications for Cross-Border Flows
• Asset Allocation Behavior and Implications for Asset Prices
• Financial Stability Implications
• Conclusions and Policy Implications

Chapter III — The Globalization of Financial Institutions and Its Implication for Financial Stability

• Background
• How Institutional Globalization Affects Stability
• Policy Implications
• Ongoing Cross-Border Supervisory Coordination

Boxes (identified by number and title)

• 1.1 The Alphabet Soup of Subprime Mortgage Securitization—ABS, ABX, and CDOs
• 1.2 Bond Flows: Demand Response to Interest Rate and Exchange Rate Shifts
• 1.3 Zambia: A Case Study
• 1.4 Have Hedge Fund Risks Also Risen?
• 1.5 Causes and Implications of the February–March 2007 Market Correction
• 1.6 Constant Proportion Debt Obligations
• 2.1 Foreign Direct Investment Flows
• 2.2 Shifting from Home Bias to “Intra-European” Bias?
• 2.3 Evolution of the Home Bias in U.S. Equity Portfolios
• 2.4 The Importance of Internationally Comparable Bilateral Statistics
• 2.5 Country, Regional, and Global Determinants of Capital Outflows
• 2.6 Liquidity of Brazilian Inflation-Linked Instruments
• 3.1 Some Evidence on Systemic Stability Aspects of Bank Globalization
• 3.2 Assessing Spillover Risks Among the World’s Largest Banking Groups
• 3.3 Operational Risk and Business Continuity
• 3.4 Examples of Bank Failures with Cross-Border Dimensions

Tables (selected titles and topics presented)

• Stress Test: Impact of Home Price Appreciation (HPA) on Asset-Backed Securities (ABS) Collateralized by Subprime Mortgage Loans
• Foreign Currency Bond Issuance and Banking System Soundness: Europe, Middle East, and Asia (EMEA), and Kazakhstan and Russia
• Changes in Risks and Conditions Since the September 2006 Global Financial Stability Report
• U.S. Fixed-Income Trading Volume—Hedge Funds, 2005
• Pension Fund Asset Allocation in Selected Countries
• Accumulation of Official Foreign Exchange Reserves of Selected Countries
• Top Sovereign Wealth Funds
• Distribution of Foreign-Owned U.S. Long-Term Securities 78
• Estimates of the Effect of Reserve Accumulation on U.S. Treasury Yields
• Determinants of Returns on Emerging Market External Debt
• 2.7 Liberalization of Capital Outflows: Recent Experiences of Selected Countries
• 2.8 Performance of Selected Emerging Financial Markets, May 8–June 23, 2006
• Financial Industry Mergers and Acquisitions (M&A), 1996–2006
• Foreign Bank Ownership, by Region
• Cross-Border Activities of the 90 Largest Banks, 2005

Figures (selected figure titles and themes; numbered listings preserved)

• Residential Mortgage-Related Securities Market
• Mortgage Delinquency Rates
• Subprime 60-Day Delinquencies by Mortgage Vintage Year
• U.S. Mortgage Universe
• Synthetic (ABX) and Cash (ABS) BBB- Subprime Spreads
• 1.7 Corporate Profits for Euro Area, Japan, and the United States 11
• 1.8 Weighted Average Cost of Capital versus Debt as a Share of Capitalization
• 1.9 Private Equity Buyouts and Leveraged Loan Issuance
• 1.10 U.S. Corporate and Buyout Leverage
• 1.11 U.S. Corporate Bond and Loan Issuance
• 1.12 Global Speculative Default Rates
• 1.13 Sources of Financing for the U.S. Current Account Deficit
• 1.14 Net Foreign Purchases of U.S. Fixed-Income Securities by Type
• 1.15 Response (of Bond Flows/GDP) to a 1 Percent Spread Increase: Period 2 (2002–05)
• 1.16 Indicators of External Vulnerability in Emerging Markets
• 1.17 Emerging Market External Issuance
• 1.18 Emerging Market Credit Quality Index
• 1.19 Cumulative Net Flows to Emerging Market Funds
• 1.20 Implied Volatility Indices
• 1.21 Volatility and the U.S. Business Cycle
• 1.22 Foreign Exchange Carry Trade Returns and Volatility
• 1.23 Institutional Currency Positioning
• 1.24 Japanese International Capital Flows
• 1.25 Bank Willingness to Lend and Corporate Default Rates
• 1.26 Relative Price of “Tail Risk” in Foreign Exchange Markets
• 1.27 Correlation of Asset Classes with S&P 500 and Broad Market Volatility
• 1.28 Volatility Shocks to Sovereign Spreads
• 1.29 G-3 Real Short-Term Interest Rates
• 1.30 G-3 Excess Household and Corporate Liquidity
• 1.31 Goldman Sachs Global Financial Conditions Index
• 1.32 Custodial Reserve Holdings at the Federal Reserve Bank of New York
• 1.33 Merrill Lynch Fund Manager Survey Question on Risk Appetite
• 1.34 State Street Investor Confidence Index
• 1.35 Total Inflows into Emerging Market Bond and Equity Funds
• 1.36 Goldman Sachs Risk Aversion Index
• 1.37 G-3 Average Economic Confidence Indicator
• 1.38 Dresdner Kleinwort Global Economic Activity Surprise Index
• 1.39 EMBIG Spreads: Actual and Fundamental Model Estimates
• 1.40 Emerging Market Credit Quality: Net Credit Ratings Changes
• 1.41 Median Volatility of Inflation Across Emerging Market Countries
• 1.42 JPMorgan Emerging Market Foreign Exchange Implied Volatility Index
• 1.43 Merrill Lynch Global High-Yield Index Spread
• 1.44 Share of CCC or Lower-Rated Corporate Securities in Merrill Lynch Global High-Yield Index
• 1.45 Moody’s Global Speculative Grade Default Rate
• 1.46 Probability of Multiple Defaults in Select Portfolios for Large Complex Financial Institutions
• 1.47 Hedge Fund Market Sensitivity Measure
• 1.48 Average Net Speculative Positions in U.S. Futures Markets
• 1.49 Composite Volatility Index
• 1.50 Probability of Multiple Defaults in Select Portfolios
• 1.51 Global Credit Derivatives Outstanding
• 1.52 Global ABS, MBS, and CDO Issuance
• 1.53 Global Hedge Funds
• 1.54 Global Hedge Funds by Geographic Source of Funds
• 1.55 Hedge Fund Sources of Capital by Investor Class, 2005
• Total Global Cross-Border Inflows
• Assets Under Management of Institutional Investors in Mature Markets
• Portfolio Cross-Border Assets Held by Mature Markets
• Globalization of the Asset Management Industry
• Global Hedge Funds, Investor Base
• Current Account, Capital Flows, and Reserve Accumulation
• Foreign Exchange Reserves and the Short-Term Government Bond Market
• Leading Oil Exporters: Major Asset Purchases, 2002–06
• 2.9 Volatility of Net Cross-Border Purchases of Long-Term U.S. Treasury Securities
• 2.10 Term Structure of Sovereign Credit Default Swap (CDS) Spreads, 2003–06
• 2.11 Volatility of Capital Inflows
• 2.12 Volatility of Capital Outflows
• 2.13 Changes in Net Capital Flow Volatility versus Reserve Ratios
• 2.14 Share of U.S. Dollars in Reserves
• 2.15 International Syndicated Loans to Emerging Market Corporates, by Credit Rating
• 2.16 International Emerging Market Corporate Bond Issuance by Credit Rating
• Foreign Loans and Deposits of Bank for International Settlements Reporting Banks
• Foreign Bank Participation in Emerging Countries
• Foreign Bank Entry by Developing Countries, by Country Income Level, 2005
• Worldwide Market Share of the Largest 40 Life Insurance Groups
• 3.5 Gross Reinsurance Premiums Assumed and Ceded by Region, 2005
• 3.6 Cross-Border Diversification and Individual Bank Soundness, 1994–2004
• 3.7 Stock Price Correlation for Major Banks, 1990–2006
• 3.8 Concentration of Cross-Border Risk, end-June 2006
• 3.9 Selected Regions: Net Foreign Assets
• 3.10 Net Foreign Bank Claims and External Position vis-à-vis Emerging Markets
• 3.11 Central and Eastern European (CEE) Countries’ Bank Asset Structure, by Key Bank Groups, end-2005
• 3.12 Structure of Foreign Claims to Central and Eastern European (CEE) Countries, by Key Creditor Countries, end-March 2006
• 3.13 Home-Host Asymmetry in Foreign Bank Exposure, March 2006

IMF Global Financial Stability Report: Market Developments and Issues, April 2007 -- Contents

Content in this bundle

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  • 全球金融稳定报告 - 市场发展与问题 (PDF)
• 全球金融稳定报告 - 市场发展与问题
  • 全球金融稳定报告 - 市场发展与问题 (PDF)
• Sumspdf
  • Sumspdf (PDF)
• Sums
  • Sums (PDF)
• Sumfpdf
  • Sumfpdf (PDF)
• Sumf
  • Sumf (PDF)
• IMF Global Financial Stability Report, April 2007 -- Annex: Summing Up by the Chairman
  • IMF Global Financial Stability Report, April 2007 -- Annex: Summing Up by the Chairman (PDF)
• IMF Global Financial Stability Report, April 2007 -- Chapter 1. Assessing Global Financial Risks
  • IMF Global Financial Stability Report, April 2007 -- Chapter 1. Assessing Global Financial Risks (PDF)
• Chap2pdf
  • Chap2pdf (PDF)
• Chap3pdf
  • Chap3pdf (PDF)
• Global Financial Stability Report, April 2007 -- Glossary
  • Global Financial Stability Report, April 2007 -- Glossary (PDF)
• IMF Global Financial Stability Report, April 2007 -- Preface
  • IMF Global Financial Stability Report, April 2007 -- Preface (PDF)
• IMF Global Financial Stability Report, April 2007 -- Statistical Appendix
  • IMF Global Financial Stability Report, April 2007 -- Statistical Appendix (PDF)
• Sum1pdf
  • Sum1pdf (PDF)
• Sum2pdf
  • Sum2pdf (Markdown version)
  • Sum2pdf (PDF)
• Sum3pdf
  • Sum3pdf (Markdown version)
  • Sum3pdf (PDF)
• IMF Global Financial Stability Report, April 2007 -- Executive Summary
  • IMF Global Financial Stability Report, April 2007 -- Executive Summary (PDF)
• IMF Global Financial Stability Report: Market Developments and Issues; April 2007.
  • IMF Global Financial Stability Report: Market Developments and Issues; April 2007. (PDF)

References

• Webcast
• Transcript
• About the Global Financial Stability Report
• Global Financial Stability Reports
• Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.
• Modify your profile
• Ordering Information
• Disclaimer
• Adobe Acrobat Reader
• https://www.imf.org/en/home