{ "title": "IMF Global Financial Stability Report (GFSR) — April 2014 — Table of Contents", "publication": "Global Financial Stability Report, April 15, 2014", "sourceUrl": "https://www.imf.org/en/publications/gfsr/issues/2016/12/31/moving-from-liquidity-to-growth-driven-markets", "canonical": "https://www.imf.org/en/publications/gfsr/issues/2016/12/31/moving-from-liquidity-to-growth-driven-markets", "overlayPath": "/en/publications/gfsr/issues/2016/12/31/moving-from-liquidity-to-growth-driven-markets/index.md", "summary": "The April 2014 Global Financial Stability Report (GFSR) assesses the challenging transitions that the global financial system is currently undergoing on the path to greater stability. Chapter 1 finds that these transitions are far from complete, and stability conditions are far from normal.", "sections": [ { "heading": "Overview and central judgement", "content": "- The April 2014 Global Financial Stability Report assesses \"the challenging transitions that the global financial system is currently undergoing on the path to greater stability.\"\n- Chapter 1 finds that \"these transitions are far from complete, and stability conditions are far from normal.\"\n- For both advanced and emerging market economies, a successful shift from liquidity-driven to growth-driven markets requires multiple elements, discussed in Chapter 1." }, { "heading": "Key elements required for the shift from liquidity-driven to growth-driven markets (Chapter 1)", "content": "- Normalization of U.S. monetary policy that avoids financial stability risks.\n- Financial rebalancing in emerging market economies amid tighter external financial conditions and higher corporate debt levels.\n- Further progress in the euro area’s transition from fragmentation to robust integration.\n- Successful implementation of Abenomics in Japan to deliver sustained growth and stable inflation." }, { "heading": "Chapter 2 — Investor base, financial deepening, and emerging market stability", "content": "- Examines the role of the composition of the investor base and local financial systems for the stability of emerging market portfolio flows and asset prices.\n- Finds that the investor base \"has been tilting toward making capital flows more sensitive to global financial conditions.\"\n- Concludes emerging market economies can improve resilience by deepening their financial systems." }, { "heading": "Chapter 3 — Too-important-to-fail and implicit subsidies", "content": "- Analyzes the implicit funding subsidy received by systemically important banks arising from expectations of government support.\n- Finds that financial reforms have helped reduce this subsidy, but it \"remains sizeable.\"\n- Policy recommendation: Policymakers should aim to remove this advantage to protect taxpayers, ensure a level playing field, and promote financial stability." }, { "heading": "Supporting material and empirical content (tables, boxes, figures, data)", "content": "- Chapter 1 includes Boxes 1.1–1.7 on topics such as deleveraging trends, Japanese financial system rebalancing, macroprudential policy in the United States, and rollout of banking union.\n- Chapter 1 data tables include: Indebtedness and Leverage in Selected Advanced Economies; Reduction in Gross Debt Levels in Selected Advanced Economies from the 2009–13 Peak; Change in 10-Year Government Bond Yields; Debt, Leverage, and Credit in Selected Emerging Market Economies; and many others (several numbered data items such as 1.1.1, 1.1.2, 1.8–1.12).\n- Chapter 1 figures include the \"Global Financial Stability Map,\" \"Trends in Indebtedness in Selected Advanced Economies since the Crisis,\" \"Global Financial Stability Map: Assessment of Risks and Conditions,\" \"Japanese Financial System,\" \"Federal Reserve Lending Survey and Institute for Supply Managmenent New Orders: Green Shoots?,\" and numerous numbered figures (e.g., 1.13–1.38).\n- Chapter 2 includes primers and numbered subsections and figures (e.g., 2.1–2.13) on mutual funds, financial deepening, investor strategies, herding, flow sensitivity, and the effects of financial deepening on asset-return sensitivities.\n- Chapter 3 includes numbered subsections and figures (e.g., 3.1–3.12) on cross-border banking linkages, benefits and risks of large banks, estimating implicit subsidies, banks and sovereign linkages, policy initiatives, and related empirical exercises." }, { "heading": "Statistical appendix and definitions", "content": "- Statistical appendix items include: Major Net Exporters and Importers of Capital, 2013; Sovereign Credit Default Swap Spreads; Selected Credit Default Swap Spreads; Implied Volatility Indices; U.S. Corporate Bond Market; Euro Area Corporate Bond Market; U.S. Commercial Paper Market; Capital Market Size: Selected Indicators, 2012; MSCI Equity Market Indices; Emerging Markets Bond Index: EMBI Global Sovereign Yield Spreads; Emerging Market Private External Financing: Total Bonds, Equities, and Loans; and more through item 10.\n- Notes on symbols and conventions:\n - \". . . \" indicates that data are not available;\n - \"——\" indicates that the figure is zero or less than half the final digit shown, or that the item does not exist;\n - \"-\" between years and months (for example, 2008–09 or January–June) indicates the years or months covered;\n - \"/\" between years (for example, 2008/09) indicates a fiscal or financial year.\n- Definitions:\n - \"Billion\" means a thousand million; \"trillion\" means a thousand billion.\n - \"Basis points\" refer to hundredths of 1 percentage point (for example, 25 basis points are equivalent to ¼ of 1 percentage point).\n - \"n.a.\" means not applicable.\n- Minor discrepancies between constituent figures and totals are due to rounding.\n\nIMF Global Financial Stability Report (GFSR) — April 2014 — Table of Contents\n\n---\n\n Content in this bundle\n\n- Figure1 1 1\n - Figure1 1 1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure1 1 1 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.1. Global Financial Stability Map\n - Figure 1.1. Global Financial Stability Map (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.1. Global Financial Stability Map (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.10. U.S. Nonfinancial Corporations: Market-Based Financing\n - Figure 1.10. U.S. Nonfinancial Corporations: Market-Based Financing (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.10. U.S. Nonfinancial Corporations: Market-Based Financing (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.11. Federal Reserve Guidance Gaining Credibility?\n - Figure 1.11. Federal Reserve Guidance Gaining Credibility? (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.11. Federal Reserve Guidance Gaining Credibility? (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.12. Ten-year U.S. Treasury Rate Projectsions Based on Exit Scenario\n - Figure 1.12. Ten-year U.S. Treasury Rate Projectsions Based on Exit Scenario (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.12. Ten-year U.S. Treasury Rate Projectsions Based on Exit Scenario (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.13. Global Interest Rate Scenarios\n - Figure 1.13. Global Interest Rate Scenarios (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.13. Global Interest Rate Scenarios (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 1.15. Private Sector Gross Debt and Credit in Selected Emerging Market Economies\n - Figure 1.15. Private Sector Gross Debt and Credit in Selected Emerging Market Economies (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.15. Private Sector Gross Debt and Credit in Selected Emerging Market Economies (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure1 16\n - Figure1 16 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure1 16 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.17. Policy Space\n - Figure 1.17. Policy Space (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.17. Policy Space (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.18. Ratio of International Reserves to 2014 External Financial Requirements\n - Figure 1.18. Ratio of International Reserves to 2014 External Financial Requirements (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.18. Ratio of International Reserves to 2014 External Financial Requirements (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.19. Coverage of Current Account by Foreign Direct Investment\n - Figure 1.19. Coverage of Current Account by Foreign Direct Investment (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.19. Coverage of Current Account by Foreign Direct Investment (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure121\n - figure121 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - figure121 (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 1.20 Corporate Debt in Emerging Markets\n - Figure 1.20 Corporate Debt in Emerging Markets (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.20 Corporate Debt in Emerging Markets (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.21. Emerging Market Bank Resilience\n - Figure 1.21. Emerging Market Bank Resilience (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.21. Emerging Market Bank Resilience (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.22. China: Wealth Management Products\n - Figure 1.22. China: Wealth Management Products (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.22. China: Wealth Management Products (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.23. China: Selected Financial Sector Developments\n - Figure 1.23. China: Selected Financial Sector Developments (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.23. China: Selected Financial Sector Developments (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.24. Total and Retail Portfolio Flows to Selected Emerging Market and Other Economies\n - Figure 1.24. Total and Retail Portfolio Flows to Selected Emerging Market and Other Economies (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.24. Total and Retail Portfolio Flows to Selected Emerging Market and Other Economies (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure125\n - figure125 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - figure125 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure127\n - figure127 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - figure127 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.28. Euro Area Bank Asset Quality\n - Figure 1.28. Euro Area Bank Asset Quality (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.28. Euro Area Bank Asset Quality (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.29. Euro Area Bank Profitability, Buffers, and Interest Rates\n - Figure 1.29. Euro Area Bank Profitability, Buffers, and Interest Rates (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.29. Euro Area Bank Profitability, Buffers, and Interest Rates (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure131 — Asset Class Performance\n - figure131 — Asset Class Performance (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - figure131 — Asset Class Performance (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure1 3\n - Figure1 3 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure1 3 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.30. Assets of Banks in the Euro Area\n - Figure 1.30. Assets of Banks in the Euro Area (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.30. Assets of Banks in the Euro Area (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.32. Euro Area Bank Write-Down Potential\n - Figure 1.32. Euro Area Bank Write-Down Potential (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.32. Euro Area Bank Write-Down Potential (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.33. Strength of Insolvency Procedures and Nonperforming Loans in Advanced Economies, 2013\n - Figure 1.33. Strength of Insolvency Procedures and Nonperforming Loans in Advanced Economies, 2013 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.33. Strength of Insolvency Procedures and Nonperforming Loans in Advanced Economies, 2013 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.34. Sources of Nonfinancial Corporate Credit, 2013:Q3\n - Figure 1.34. Sources of Nonfinancial Corporate Credit, 2013:Q3 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.34. Sources of Nonfinancial Corporate Credit, 2013:Q3 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.35. Term Premium Estimates under Alternative Alfine Models\n - Figure 1.35. Term Premium Estimates under Alternative Alfine Models (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.35. Term Premium Estimates under Alternative Alfine Models (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure136\n - figure136 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - figure136 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.4. U.S. Nonfinancial Corporations: Credit Cycle Indicators\n - Figure 1.4. U.S. Nonfinancial Corporations: Credit Cycle Indicators (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.4. U.S. Nonfinancial Corporations: Credit Cycle Indicators (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.5. U.S. Nonfinancial Corporations: Key Financial Indicators\n - Figure 1.5. U.S. Nonfinancial Corporations: Key Financial Indicators (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.5. U.S. Nonfinancial Corporations: Key Financial Indicators (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.6. S&P 500 Price-to-Earnings Ratio\n - Figure 1.6. S&P 500 Price-to-Earnings Ratio (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.6. S&P 500 Price-to-Earnings Ratio (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.7. Decomposition of Equity Market Performance\n - Figure 1.7. Decomposition of Equity Market Performance (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.7. Decomposition of Equity Market Performance (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.8. U.S. High-Yield Bond and Leveraged Loan Issuance with Lower Standards\n - Figure 1.8. U.S. High-Yield Bond and Leveraged Loan Issuance with Lower Standards (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.8. U.S. High-Yield Bond and Leveraged Loan Issuance with Lower Standards (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.9. Leveraged Loans: Debt-to-EBITDA Ratio for Highly Leveraged Loans\n - Figure 1.9. Leveraged Loans: Debt-to-EBITDA Ratio for Highly Leveraged Loans (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.9. Leveraged Loans: Debt-to-EBITDA Ratio for Highly Leveraged Loans (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 1.1.1: Indebtedness and Leverage in Selected Advanced Economies\n - Table 1.1.1: Indebtedness and Leverage in Selected Advanced Economies (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 1.1.1: Indebtedness and Leverage in Selected Advanced Economies (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 1.1.2. Reduction in Gross Debt Levels in Selected Advanced Economies from 2009-13 Peak\n - Table 1.1.2. Reduction in Gross Debt Levels in Selected Advanced Economies from 2009-13 Peak (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 1.1.2. Reduction in Gross Debt Levels in Selected Advanced Economies from 2009-13 Peak (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 1.10. Granger Causality\n - Table 1.10. Granger Causality (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 1.10. Granger Causality (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 1.2. Change in 10-year Government Bond Yields\n - Table 1.2. Change in 10-year Government Bond Yields (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 1.2. Change in 10-year Government Bond Yields (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table1 3\n - Table1 3 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table1 3 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 1.4. Debt, Leverage, and Credit in Selected Emerging Market Economies\n - Table 1.4. Debt, Leverage, and Credit in Selected Emerging Market Economies (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 1.4. Debt, Leverage, and Credit in Selected Emerging Market Economies (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 1.5. Change in Gross Debt Levels and Credit in Selected Emerging Market Economies\n - Table 1.5. Change in Gross Debt Levels and Credit in Selected Emerging Market Economies (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 1.5. Change in Gross Debt Levels and Credit in Selected Emerging Market Economies (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 1.6. Summary of Indicators\n - Table 1.6. Summary of Indicators (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 1.6. Summary of Indicators (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 1.8. Correlation of Term Premium Estimates\n - Table 1.8. Correlation of Term Premium Estimates (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 1.8. Correlation of Term Premium Estimates (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 1.9. Sensitivity to the U.S. Term Premium\n - Table 1.9. Sensitivity to the U.S. Term Premium (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 1.9. Sensitivity to the U.S. Term Premium (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.2.1. Financial Deepening in Emerging Markets\n - Figure 2.2.1. Financial Deepening in Emerging Markets (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.2.1. Financial Deepening in Emerging Markets (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.3.1. Investments of Institutional Investors in Emerging Markets\n - Figure 2.3.1. Investments of Institutional Investors in Emerging Markets (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.3.1. Investments of Institutional Investors in Emerging Markets (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.13. Sensitivity of Local Yields to Portfolio Flows and Decline in Global Market Making\n - Figure 2.13. Sensitivity of Local Yields to Portfolio Flows and Decline in Global Market Making (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.13. Sensitivity of Local Yields to Portfolio Flows and Decline in Global Market Making (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.2. Trends in Capital Flows to Emerging Markets\n - Figure 2.2. Trends in Capital Flows to Emerging Markets (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.2. Trends in Capital Flows to Emerging Markets (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure23 — Transformation of Investment Options in Emerging Markets\n - figure23 — Transformation of Investment Options in Emerging Markets (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - figure23 — Transformation of Investment Options in Emerging Markets (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.4. Emerging Markets: Shares in Economic Activity and Financial Markets\n - Figure 2.4. Emerging Markets: Shares in Economic Activity and Financial Markets (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.4. Emerging Markets: Shares in Economic Activity and Financial Markets (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.5. Allocation to Emerging Market Assets\n - Figure 2.5. Allocation to Emerging Market Assets (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.5. Allocation to Emerging Market Assets (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 3.1.1. Cross-Border Banking Linkages\n - Figure 3.1.1. Cross-Border Banking Linkages (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 3.1.1. Cross-Border Banking Linkages (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 3.2. Changes in the Number of Banks and the Size of the Banking Sector\n - Figure 3.2. Changes in the Number of Banks and the Size of the Banking Sector (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 3.2. Changes in the Number of Banks and the Size of the Banking Sector (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1. Major Net Exporters and Importers of Capital, 2013\n - Figure 1. Major Net Exporters and Importers of Capital, 2013 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1. Major Net Exporters and Importers of Capital, 2013 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 8. United States: Commercial Paper Market\n - Figure 8. United States: Commercial Paper Market (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 8. United States: Commercial Paper Market (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 1. Capital Market Size: Selected Indicators, 2012\n - Table 1. Capital Market Size: Selected Indicators, 2012 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 1. Capital Market Size: Selected Indicators, 2012 (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 Markets Bond Index: EMBI Global Sovereign Yield Spreads\n - Table 3. Emerging Markets Bond Index: EMBI Global Sovereign Yield Spreads (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 3. Emerging Markets Bond Index: EMBI Global Sovereign Yield Spreads (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 4. Emerging Market Private External Financing: Total Bonds, Equities, and Loans\n - Table 4. Emerging Market Private External Financing: Total Bonds, Equities, and Loans (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 4. Emerging Market Private External Financing: Total Bonds, Equities, and Loans (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 5. Emerging Market Private External Financing: Bonds\n - Table 5. Emerging Market Private External Financing: Bonds (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 5. Emerging Market Private External Financing: Bonds (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 6. Emerging Market Private External Financing: Equity\n - Table 6. Emerging Market Private External Financing: Equity (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 6. Emerging Market Private External Financing: Equity (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Dataset overview: Table 7. Emerging Market Private External Financing: Loans\n - Dataset overview: Table 7. Emerging Market Private External Financing: Loans (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Dataset overview: Table 7. Emerging Market Private 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- Table 9. Equity Valuation Measures: Price/Earnings Ratios\n - Table 9. Equity Valuation Measures: Price/Earnings Ratios (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 9. Equity Valuation Measures: Price/Earnings Ratios (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- تقرير الاستقرار المالي العالمي – إبريل 4102\n - تقرير الاستقرار المالي العالمي – إبريل 4102 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - تقرير الاستقرار المالي العالمي – إبريل 4102 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 全球金融稳定报告概要\n - 全球金融稳定报告概要 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 全球金融稳定报告概要 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Rapport sur la stabilité financière dans le monde : Résumé Analytique; avril 2014\n - Rapport sur la stabilité financière dans le monde : Résumé Analytique; avril 2014 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Rapport sur la stabilité financière dans le monde : Résumé Analytique; avril 2014 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 国際金融安定性報告書（GFSR), 2014年4月: 主題: 流動性に支えられた市場から成長力を取り込む市場への転換 -- 要旨\n - 国際金融安定性報告書（GFSR), 2014年4月: 主題: 流動性に支えられた市場から成長力を取り込む市場への転換 -- 要旨 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 国際金融安定性報告書（GFSR), 2014年4月: 主題: 流動性に支えられた市場から成長力を取り込む市場への転換 -- 要旨 (PDF){rel=\"external\" type=\"application/pdf\"}\n- GFSR\n - GFSR (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - GFSR (PDF){rel=\"external\" type=\"application/pdf\"}\n- c2pdf — Chapter 2 Summary\n - c2pdf — Chapter 2 Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - c2pdf — Chapter 2 Summary (PDF){rel=\"external\" type=\"application/pdf\"}\n- c3pdf\n - c3pdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - c3pdf (PDF){rel=\"external\" type=\"application/pdf\"}\n- GFSR- April 2014- Executive Summary\n - GFSR- April 2014- Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - GFSR- April 2014- Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}\n- Preface\n - Preface (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Preface (PDF){rel=\"external\" type=\"application/pdf\"}\n- Moving From Liquidity- to Growth-Driven Markets\n - Moving From Liquidity- to Growth-Driven Markets (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Moving From Liquidity- to Growth-Driven Markets (PDF){rel=\"external\" type=\"application/pdf\"}\n- GFSR\n - GFSR (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - GFSR (PDF){rel=\"external\" type=\"application/pdf\"}\n- Textpdf\n - Textpdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Textpdf (PDF){rel=\"external\" type=\"application/pdf\"}\n- АНАЛИТИЧЕСКОЕ РЕЗЮМЕ\n - АНАЛИТИЧЕСКОЕ РЕЗЮМЕ (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - АНАЛИТИЧЕСКОЕ РЕЗЮМЕ (PDF){rel=\"external\" type=\"application/pdf\"}\n- Informe sobre la estabilidad financiera mundial\n - Informe sobre la estabilidad financiera mundial (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Informe sobre la estabilidad financiera mundial (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- Survey Story\n- Survey Story\n- Survey Story\n- Financial Soundness Indicators\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/publications/gfsr/issues/2016/12/31/moving-from-liquidity-to-growth-driven-markets" } ], "bullets": [ "[Markdown version](/en/publications/gfsr/issues/2016/12/31/moving-from-liquidity-to-growth-driven-markets/index.md)", "[Structured JSON version](/en/publications/gfsr/issues/2016/12/31/moving-from-liquidity-to-growth-driven-markets/index.json)", "[Bundle manifest](/en/publications/gfsr/issues/2016/12/31/moving-from-liquidity-to-growth-driven-markets/bundle-manifest.json)", "Published: April 15, 2014", "Series: Global Financial Stability Report", "The April 2014 Global Financial Stability Report assesses \"the challenging transitions that the global financial system is currently undergoing on the path to greater stability.\"", "Chapter 1 finds that \"these transitions are far from complete, and stability conditions are far from normal.\"", "For both advanced and emerging market economies, a successful shift from liquidity-driven to growth-driven markets requires multiple elements, discussed in Chapter 1.", "Normalization of U.S. monetary policy that avoids financial stability risks.", "Financial rebalancing in emerging market economies amid tighter external financial conditions and higher corporate debt levels.", "Further progress in the euro area’s transition from fragmentation to robust integration.", "Successful implementation of Abenomics in Japan to deliver sustained growth and stable inflation.", "Examines the role of the composition of the investor base and local financial systems for the stability of emerging market portfolio flows and asset prices.", "Finds that the investor base \"has been tilting toward making capital flows more sensitive to global financial conditions.\"", "Concludes emerging market economies can improve resilience by deepening their financial systems.", "Analyzes the implicit funding subsidy received by systemically important banks arising from expectations of government support.", "Finds that financial reforms have helped reduce this subsidy, but it \"remains sizeable.\"", "Policy recommendation: Policymakers should aim to remove this advantage to protect taxpayers, ensure a level playing field, and promote financial stability.", "Chapter 1 includes Boxes 1.1–1.7 on topics such as deleveraging trends, Japanese financial system rebalancing, macroprudential policy in the United States, and rollout of banking union.", "Chapter 1 data tables include: Indebtedness and Leverage in Selected Advanced Economies; Reduction in Gross Debt Levels in Selected Advanced Economies from the 2009–13 Peak; Change in 10-Year Government Bond Yields; Debt, Leverage, and Credit in Selected Emerging Market Economies; and many others (several numbered data items such as 1.1.1, 1.1.2, 1.8–1.12).", "Chapter 1 figures include the \"Global Financial Stability Map,\" \"Trends in Indebtedness in Selected Advanced Economies since the Crisis,\" \"Global Financial Stability Map: Assessment of Risks and Conditions,\" \"Japanese Financial System,\" \"Federal Reserve Lending Survey and Institute for Supply Managmenent New Orders: Green Shoots?,\" and numerous numbered figures (e.g., 1.13–1.38).", "Chapter 2 includes primers and numbered subsections and figures (e.g., 2.1–2.13) on mutual funds, financial deepening, investor strategies, herding, flow sensitivity, and the effects of financial deepening on asset-return sensitivities.", "Chapter 3 includes numbered subsections and figures (e.g., 3.1–3.12) on cross-border banking linkages, benefits and risks of large banks, estimating implicit subsidies, banks and sovereign linkages, policy initiatives, and related empirical exercises.", "Statistical appendix items include: Major Net Exporters and Importers of Capital, 2013; Sovereign Credit Default Swap Spreads; Selected Credit Default Swap Spreads; Implied Volatility Indices; U.S. Corporate Bond Market; Euro Area Corporate Bond Market; U.S. Commercial Paper Market; Capital Market Size: Selected Indicators, 2012; MSCI Equity Market Indices; Emerging Markets Bond Index: EMBI Global Sovereign Yield Spreads; Emerging Market Private External Financing: Total Bonds, Equities, and Loans; and more through item 10.", "Notes on symbols and conventions:", "Definitions:", "Minor discrepancies between constituent figures and totals are due to rounding.", "**Figure1 1 1**", "**Figure 1.1. Global Financial Stability Map**", "**Figure 1.10. U.S. Nonfinancial Corporations: Market-Based Financing**", "**Figure 1.11. Federal Reserve Guidance Gaining Credibility?**", "**Figure 1.12. Ten-year U.S. Treasury Rate Projectsions Based on Exit Scenario**", "**Figure 1.13. Global Interest Rate Scenarios**", "**Figure1 14**", "**Figure 1.15. Private Sector Gross Debt and Credit in Selected Emerging Market Economies**", "**Figure1 16**", "**Figure 1.17. Policy Space**", "**Figure 1.18. Ratio of International Reserves to 2014 External Financial Requirements**", "**Figure 1.19. Coverage of Current Account by Foreign Direct Investment**", "**figure1_2_1**", "**Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions**", "**Figure 1.20 Corporate Debt in Emerging Markets**", "**Figure 1.21. Emerging Market Bank Resilience**", "**Figure 1.22. China: Wealth Management Products**", "**Figure 1.23. China: Selected Financial Sector Developments**", "**Figure 1.24. Total and Retail Portfolio Flows to Selected Emerging Market and Other Economies**", "**figure1_25**", "**figure1_27**", "**Figure 1.28. Euro Area Bank Asset Quality**", "**Figure 1.29. Euro Area Bank Profitability, Buffers, and Interest Rates**", "**figure1_3_1 — Asset Class Performance**", "**Figure1 3**", "**Figure 1.30. Assets of Banks in the Euro Area**", "**Figure 1.32. Euro Area Bank Write-Down Potential**", "**Figure 1.33. Strength of Insolvency Procedures and Nonperforming Loans in Advanced Economies, 2013**", "**Figure 1.34. Sources of Nonfinancial Corporate Credit, 2013:Q3**", "**Figure 1.35. Term Premium Estimates under Alternative Alfine Models**", "**figure1_36**", "**Figure 1.4. U.S. Nonfinancial Corporations: Credit Cycle Indicators**", "**Figure 1.5. U.S. Nonfinancial Corporations: Key Financial Indicators**", "**Figure 1.6. S&P 500 Price-to-Earnings Ratio**", "**Figure 1.7. Decomposition of Equity Market Performance**", "**Figure 1.8. U.S. High-Yield Bond and Leveraged Loan Issuance with Lower Standards**", "**Figure 1.9. Leveraged Loans: Debt-to-EBITDA Ratio for Highly Leveraged Loans**", "**Table 1.1.1: Indebtedness and Leverage in Selected Advanced Economies**", "**Table 1.1.2. Reduction in Gross Debt Levels in Selected Advanced Economies from 2009-13 Peak**", "**Table 1.10. Granger Causality**", "**Table 1.2. Change in 10-year Government Bond Yields**", "**Table1 3**", "**Table 1.4. Debt, Leverage, and Credit in Selected Emerging Market Economies**", "**Table 1.5. Change in Gross Debt Levels and Credit in Selected Emerging Market Economies**", "**Table 1.6. Summary of Indicators**", "**Table 1.8. Correlation of Term Premium Estimates**", "**Table 1.9. Sensitivity to the U.S. Term Premium**", "**Figure 2.2.1. Financial Deepening in Emerging Markets**", "**Figure 2.3.1. Investments of Institutional Investors in Emerging Markets**", "**Figure 2.13. Sensitivity of Local Yields to Portfolio Flows and Decline in Global Market Making**", "**Figure 2.2. Trends in Capital Flows to Emerging Markets**", "**figure2_3 — Transformation of Investment Options in Emerging Markets**", "**Figure 2.4. Emerging Markets: Shares in Economic Activity and Financial Markets**", "**Figure 2.5. Allocation to Emerging Market Assets**", "**Figure 3.1.1. Cross-Border Banking Linkages**", "**Figure 3.2. Changes in the Number of Banks and the Size of the Banking Sector**", "**Figure 1. Major Net Exporters and Importers of Capital, 2013**", "**Figure 8. United States: Commercial Paper Market**", "**Table 1. Capital Market Size: Selected Indicators, 2012**", "**Table 10. Emerging Markets: Mutual Funds**", "**Table 2. MSCI Equity Market Indices**", "**Table 3. Emerging Markets Bond Index: EMBI Global Sovereign Yield Spreads**", "**Table 4. Emerging Market Private External Financing: Total Bonds, Equities, and Loans**", "**Table 5. Emerging Market Private External Financing: Bonds**", "**Table 6. Emerging Market Private External Financing: Equity**", "**Dataset overview: Table 7. Emerging Market Private External Financing: Loans**", "**Table 8. Equity Valuation Measures: Dividend-Yield Ratios**", "**Table 9. Equity Valuation Measures: Price/Earnings Ratios**", "**تقرير الاستقرار المالي العالمي – إبريل 4102**", "**全球金融稳定报告概要**", "**Rapport sur la stabilité financière dans le monde : Résumé Analytique; avril 2014**", "**国際金融安定性報告書（GFSR), 2014年4月: 主題: 流動性に支えられた市場から成長力を取り込む市場への転換 -- 要旨**", "**GFSR**", "**_c2pdf — Chapter 2 Summary**", "**_c3pdf**", "**GFSR- April 2014- Executive Summary**", "**Preface**", "**Moving From Liquidity- to Growth-Driven Markets**", "**GFSR**", "**Textpdf**", "**АНАЛИТИЧЕСКОЕ РЕЗЮМЕ**", "**Informe sobre la estabilidad financiera mundial**", "[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)", "[Survey Story](http://www.imf.org/external/pubs/ft/survey/so/2014/POL040914A.htm)", "[Survey Story](http://www.imf.org/external/pubs/ft/survey/so/2014/POL033114B.htm)", "[Survey Story](http://www.imf.org/external/pubs/ft/survey/so/2014/POL033114A.htm)", "[Financial Soundness Indicators](http://fsi.imf.org/)" ], "related": [ { "title": "Figure1 1 1", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/figure1_1_1.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_1_1.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_1_1.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.1. Global Financial Stability Map", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/figure1_1.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_1.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_1.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.10. U.S. Nonfinancial Corporations: Market-Based Financing", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/figure1_10.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_10.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_10.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.11. Federal Reserve Guidance Gaining Credibility?", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/figure1_11.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_11.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_11.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.12. Ten-year U.S. Treasury Rate Projectsions Based on Exit Scenario", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/figure1_12.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_12.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_12.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.13. Global Interest Rate Scenarios", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/figure1_13.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_13.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_13.csv", "mime": "application/octet-stream" } }, { "title": "Figure1 14", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/figure1_14.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_14.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_14.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.15. Private Sector Gross Debt and Credit in Selected Emerging Market Economies", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/figure1_15.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_15.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_15.csv", "mime": "application/octet-stream" } }, { "title": "Figure1 16", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/figure1_16.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_16.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_16.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.17. Policy Space", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/figure1_17.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_17.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_17.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.18. Ratio of International Reserves to 2014 External Financial Requirements", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/figure1_18.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_18.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_18.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.19. Coverage of Current Account by Foreign Direct Investment", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/figure1_19.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_19.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_19.csv", "mime": "application/octet-stream" } }, { "title": "figure1_2_1", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/figure1_2_1.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_2_1.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_2_1.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/2014/01/c1/figure1_2.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_2.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_2.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.20 Corporate Debt in Emerging Markets", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/figure1_20.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_20.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_20.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.21. Emerging Market Bank Resilience", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/figure1_21.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_21.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_21.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.22. China: Wealth Management Products", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/figure1_22.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_22.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_22.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.23. China: Selected Financial Sector Developments", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/figure1_23.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_23.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_23.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.24. Total and Retail Portfolio Flows to Selected Emerging Market and Other Economies", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/figure1_24.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_24.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_24.csv", "mime": "application/octet-stream" } }, { "title": "figure1_25", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/figure1_25.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_25.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_25.csv", "mime": "application/octet-stream" } }, { "title": "figure1_27", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/figure1_27.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_27.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_27.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.28. Euro Area Bank Asset Quality", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/figure1_28.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_28.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_28.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.29. Euro Area Bank Profitability, Buffers, and Interest Rates", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/figure1_29.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_29.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_29.csv", "mime": "application/octet-stream" } }, { "title": "figure1_3_1 — Asset Class Performance", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/figure1_3_1.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_3_1.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_3_1.csv", "mime": "application/octet-stream" } }, { "title": "Figure1 3", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/figure1_3.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_3.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_3.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.30. Assets of Banks in the Euro Area", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/figure1_30.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_30.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_30.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.32. Euro Area Bank Write-Down Potential", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/figure1_32.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_32.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_32.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.33. Strength of Insolvency Procedures and Nonperforming Loans in Advanced Economies, 2013", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/figure1_33.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_33.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_33.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.34. Sources of Nonfinancial Corporate Credit, 2013:Q3", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/figure1_34.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_34.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_34.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.35. Term Premium Estimates under Alternative Alfine Models", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/figure1_35.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_35.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_35.csv", "mime": "application/octet-stream" } }, { "title": "figure1_36", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/figure1_36.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_36.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_36.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.4. U.S. Nonfinancial Corporations: Credit Cycle Indicators", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/figure1_4.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_4.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_4.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.5. U.S. Nonfinancial Corporations: Key Financial Indicators", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/figure1_5.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_5.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_5.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.6. S&P 500 Price-to-Earnings Ratio", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/figure1_6.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_6.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_6.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.7. Decomposition of Equity Market Performance", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/figure1_7.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_7.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_7.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.8. U.S. High-Yield Bond and Leveraged Loan Issuance with Lower Standards", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/figure1_8.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_8.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_8.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.9. Leveraged Loans: Debt-to-EBITDA Ratio for Highly Leveraged Loans", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/figure1_9.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_9.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/figure1_9.csv", "mime": "application/octet-stream" } }, { "title": "Table 1.1.1: Indebtedness and Leverage in Selected Advanced Economies", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/table1_1_1.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/table1_1_1.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/table1_1_1.csv", "mime": "application/octet-stream" } }, { "title": "Table 1.1.2. Reduction in Gross Debt Levels in Selected Advanced Economies from 2009-13 Peak", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/table1_1_2.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/table1_1_2.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/table1_1_2.csv", "mime": "application/octet-stream" } }, { "title": "Table 1.10. Granger Causality", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/table1_10.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/table1_10.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/table1_10.csv", "mime": "application/octet-stream" } }, { "title": "Table 1.2. Change in 10-year Government Bond Yields", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/table1_2.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/table1_2.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/table1_2.csv", "mime": "application/octet-stream" } }, { "title": "Table1 3", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/table1_3.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/table1_3.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/table1_3.csv", "mime": "application/octet-stream" } }, { "title": "Table 1.4. Debt, Leverage, and Credit in Selected Emerging Market Economies", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/table1_4.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/table1_4.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/table1_4.csv", "mime": "application/octet-stream" } }, { "title": "Table 1.5. Change in Gross Debt Levels and Credit in Selected Emerging Market Economies", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/table1_5.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/table1_5.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/table1_5.csv", "mime": "application/octet-stream" } }, { "title": "Table 1.6. Summary of Indicators", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/table1_6.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/table1_6.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/table1_6.csv", "mime": "application/octet-stream" } }, { "title": "Table 1.8. Correlation of Term Premium Estimates", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/table1_8.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/table1_8.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/table1_8.csv", "mime": "application/octet-stream" } }, { "title": "Table 1.9. Sensitivity to the U.S. Term Premium", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c1/table1_9.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/table1_9.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c1/table1_9.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.2.1. Financial Deepening in Emerging Markets", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c2/boxfigure2_2.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c2/boxfigure2_2.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c2/boxfigure2_2.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.3.1. Investments of Institutional Investors in Emerging Markets", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c2/boxfigure2_3.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c2/boxfigure2_3.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c2/boxfigure2_3.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.13. Sensitivity of Local Yields to Portfolio Flows and Decline in Global Market Making", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c2/figure2_13.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c2/figure2_13.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c2/figure2_13.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.2. Trends in Capital Flows to Emerging Markets", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c2/figure2_2.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c2/figure2_2.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c2/figure2_2.csv", "mime": "application/octet-stream" } }, { "title": "figure2_3 — Transformation of Investment Options in Emerging Markets", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c2/figure2_3.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c2/figure2_3.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c2/figure2_3.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.4. Emerging Markets: Shares in Economic Activity and Financial Markets", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c2/figure2_4.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c2/figure2_4.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c2/figure2_4.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.5. Allocation to Emerging Market Assets", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c2/figure2_5.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c2/figure2_5.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c2/figure2_5.csv", "mime": "application/octet-stream" } }, { "title": "Figure 3.1.1. Cross-Border Banking Linkages", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c3/boxfigure3_1.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c3/boxfigure3_1.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c3/boxfigure3_1.csv", "mime": "application/octet-stream" } }, { "title": "Figure 3.2. Changes in the Number of Banks and the Size of the Banking Sector", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/c3/figure3_2.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/c3/figure3_2.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/c3/figure3_2.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1. Major Net Exporters and Importers of Capital, 2013", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/sa/sa_figure1.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/sa/sa_figure1.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/sa/sa_figure1.csv", "mime": "application/octet-stream" } }, { "title": "Figure 8. United States: Commercial Paper Market", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/sa/sa_figure8.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/sa/sa_figure8.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/sa/sa_figure8.csv", "mime": "application/octet-stream" } }, { "title": "Table 1. Capital Market Size: Selected Indicators, 2012", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/sa/sa_table1.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/sa/sa_table1.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/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/2014/01/sa/sa_table10.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/sa/sa_table10.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/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/2014/01/sa/sa_table2.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/sa/sa_table2.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/sa/sa_table2.csv", "mime": "application/octet-stream" } }, { "title": "Table 3. Emerging Markets Bond Index: EMBI Global Sovereign Yield Spreads", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/sa/sa_table3.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/sa/sa_table3.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/sa/sa_table3.csv", "mime": "application/octet-stream" } }, { "title": "Table 4. Emerging Market Private External Financing: Total Bonds, Equities, and Loans", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/sa/sa_table4.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/sa/sa_table4.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/sa/sa_table4.csv", "mime": "application/octet-stream" } }, { "title": "Table 5. Emerging Market Private External Financing: Bonds", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/sa/sa_table5.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/sa/sa_table5.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/sa/sa_table5.csv", "mime": "application/octet-stream" } }, { "title": "Table 6. Emerging Market Private External Financing: Equity", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/sa/sa_table6.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/sa/sa_table6.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/sa/sa_table6.csv", "mime": "application/octet-stream" } }, { "title": "Dataset overview: Table 7. Emerging Market Private External Financing: Loans", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/sa/sa_table7.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/sa/sa_table7.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/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/2014/01/sa/sa_table8.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/sa/sa_table8.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/sa/sa_table8.csv", "mime": "application/octet-stream" } }, { "title": "Table 9. Equity Valuation Measures: Price/Earnings Ratios", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/01/sa/sa_table9.csv", "summary": { "path": "/external/pubs/ft/GFSR/2014/01/sa/sa_table9.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2014/01/sa/sa_table9.csv", "mime": "application/octet-stream" } }, { "title": "تقرير الاستقرار المالي العالمي – إبريل 4102", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/gfsr/2014/01/pdf/suma.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/gfsr/2014/01/pdf/suma.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/gfsr/2014/01/pdf/suma.pdf", "mime": "application/pdf" } }, { "title": "全球金融稳定报告概要", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/gfsr/2014/01/pdf/sumc.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/gfsr/2014/01/pdf/sumc.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/gfsr/2014/01/pdf/sumc.pdf", "mime": "application/pdf" } }, { "title": "Rapport sur la stabilité financière dans le monde : Résumé Analytique; avril 2014", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/gfsr/2014/01/pdf/sumf.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/gfsr/2014/01/pdf/sumf.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/gfsr/2014/01/pdf/sumf.pdf", "mime": "application/pdf" } }, { "title": "国際金融安定性報告書（GFSR), 2014年4月: 主題: 流動性に支えられた市場から成長力を取り込む市場への転換 -- 要旨", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/japanese/pubs/ft/gfsr/2014/01/pdf/sumj.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/japanese/pubs/ft/gfsr/2014/01/pdf/sumj.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/japanese/pubs/ft/gfsr/2014/01/pdf/sumj.pdf", "mime": "application/pdf" } }, { "title": "GFSR", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/01/pdf/_c1pdf.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/01/pdf/_c1pdf.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/01/pdf/_c1pdf.pdf", "mime": "application/pdf" } }, { "title": "_c2pdf — Chapter 2 Summary", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/01/pdf/_c2pdf.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/01/pdf/_c2pdf.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/01/pdf/_c2pdf.pdf", "mime": "application/pdf" } }, { "title": "_c3pdf", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/01/pdf/_c3pdf.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/01/pdf/_c3pdf.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/01/pdf/_c3pdf.pdf", "mime": "application/pdf" } }, { "title": "GFSR- April 2014- Executive Summary", "role": "document", 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