## IMF Global Financial Stability Report (GFSR) — April 2014 — Table of Contents _Global Financial Stability Report, April 15, 2014_ ## Source details **Canonical URL:** [IMF Global Financial Stability Report (GFSR) — April 2014 — Table of Contents](https://www.imf.org/en/publications/gfsr/issues/2016/12/31/moving-from-liquidity-to-growth-driven-markets) ## Other formats - [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) ## Bibliographic details - Published: April 15, 2014 - Series: Global Financial Stability Report --- ### Overview and central judgement - 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. ### Key elements required for the shift from liquidity-driven to growth-driven markets (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. ### Chapter 2 — Investor base, financial deepening, and emerging market stability - 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. ### Chapter 3 — Too-important-to-fail and implicit subsidies - 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. ### Supporting material and empirical content (tables, boxes, figures, data) - 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 and definitions - 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: - ". . . " indicates that data are not available; - "——" indicates that the figure is zero or less than half the final digit shown, or that the item does not exist; - "-" between years and months (for example, 2008–09 or January–June) indicates the years or months covered; - "/" between years (for example, 2008/09) indicates a fiscal or financial year. - Definitions: - "Billion" means a thousand million; "trillion" means a thousand billion. - "Basis points" refer to hundredths of 1 percentage point (for example, 25 basis points are equivalent to ¼ of 1 percentage point). - "n.a." means not applicable. - Minor discrepancies between constituent figures and totals are due to rounding. *IMF Global Financial Stability Report (GFSR) — April 2014 — Table of Contents* --- ## Content in this bundle - **Figure1 1 1** - [Figure1 1 1 (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/figure1_1_1.csv.md){rel="alternate" type="text/markdown"} - [Figure1 1 1 (CSV)](/external/pubs/ft/GFSR/2014/01/c1/figure1_1_1.csv){rel="external" type="application/octet-stream"} - **Figure 1.1. Global Financial Stability Map** - [Figure 1.1. Global Financial Stability Map (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/figure1_1.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.1. Global Financial Stability Map (CSV)](/external/pubs/ft/GFSR/2014/01/c1/figure1_1.csv){rel="external" type="application/octet-stream"} - **Figure 1.10. U.S. Nonfinancial Corporations: Market-Based Financing** - [Figure 1.10. U.S. Nonfinancial Corporations: Market-Based Financing (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/figure1_10.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.10. U.S. Nonfinancial Corporations: Market-Based Financing (CSV)](/external/pubs/ft/GFSR/2014/01/c1/figure1_10.csv){rel="external" type="application/octet-stream"} - **Figure 1.11. Federal Reserve Guidance Gaining Credibility?** - [Figure 1.11. Federal Reserve Guidance Gaining Credibility? (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/figure1_11.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.11. Federal Reserve Guidance Gaining Credibility? (CSV)](/external/pubs/ft/GFSR/2014/01/c1/figure1_11.csv){rel="external" type="application/octet-stream"} - **Figure 1.12. Ten-year U.S. Treasury Rate Projectsions Based on Exit Scenario** - [Figure 1.12. Ten-year U.S. Treasury Rate Projectsions Based on Exit Scenario (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/figure1_12.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.12. Ten-year U.S. Treasury Rate Projectsions Based on Exit Scenario (CSV)](/external/pubs/ft/GFSR/2014/01/c1/figure1_12.csv){rel="external" type="application/octet-stream"} - **Figure 1.13. Global Interest Rate Scenarios** - [Figure 1.13. Global Interest Rate Scenarios (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/figure1_13.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.13. Global Interest Rate Scenarios (CSV)](/external/pubs/ft/GFSR/2014/01/c1/figure1_13.csv){rel="external" type="application/octet-stream"} - **Figure1 14** - [Figure1 14 (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/figure1_14.csv.md){rel="alternate" type="text/markdown"} - [Figure1 14 (CSV)](/external/pubs/ft/GFSR/2014/01/c1/figure1_14.csv){rel="external" type="application/octet-stream"} - **Figure 1.15. Private Sector Gross Debt and Credit in Selected Emerging Market Economies** - [Figure 1.15. Private Sector Gross Debt and Credit in Selected Emerging Market Economies (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/figure1_15.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.15. Private Sector Gross Debt and Credit in Selected Emerging Market Economies (CSV)](/external/pubs/ft/GFSR/2014/01/c1/figure1_15.csv){rel="external" type="application/octet-stream"} - **Figure1 16** - [Figure1 16 (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/figure1_16.csv.md){rel="alternate" type="text/markdown"} - [Figure1 16 (CSV)](/external/pubs/ft/GFSR/2014/01/c1/figure1_16.csv){rel="external" type="application/octet-stream"} - **Figure 1.17. Policy Space** - [Figure 1.17. Policy Space (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/figure1_17.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.17. Policy Space (CSV)](/external/pubs/ft/GFSR/2014/01/c1/figure1_17.csv){rel="external" type="application/octet-stream"} - **Figure 1.18. Ratio of International Reserves to 2014 External Financial Requirements** - [Figure 1.18. Ratio of International Reserves to 2014 External Financial Requirements (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/figure1_18.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.18. Ratio of International Reserves to 2014 External Financial Requirements (CSV)](/external/pubs/ft/GFSR/2014/01/c1/figure1_18.csv){rel="external" type="application/octet-stream"} - **Figure 1.19. Coverage of Current Account by Foreign Direct Investment** - [Figure 1.19. Coverage of Current Account by Foreign Direct Investment (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/figure1_19.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.19. Coverage of Current Account by Foreign Direct Investment (CSV)](/external/pubs/ft/GFSR/2014/01/c1/figure1_19.csv){rel="external" type="application/octet-stream"} - **figure1_2_1** - [figure1_2_1 (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/figure1_2_1.csv.md){rel="alternate" type="text/markdown"} - [figure1_2_1 (CSV)](/external/pubs/ft/GFSR/2014/01/c1/figure1_2_1.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/2014/01/c1/figure1_2.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions (CSV)](/external/pubs/ft/GFSR/2014/01/c1/figure1_2.csv){rel="external" type="application/octet-stream"} - **Figure 1.20 Corporate Debt in Emerging Markets** - [Figure 1.20 Corporate Debt in Emerging Markets (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/figure1_20.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.20 Corporate Debt in Emerging Markets (CSV)](/external/pubs/ft/GFSR/2014/01/c1/figure1_20.csv){rel="external" type="application/octet-stream"} - **Figure 1.21. Emerging Market Bank Resilience** - [Figure 1.21. Emerging Market Bank Resilience (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/figure1_21.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.21. Emerging Market Bank Resilience (CSV)](/external/pubs/ft/GFSR/2014/01/c1/figure1_21.csv){rel="external" type="application/octet-stream"} - **Figure 1.22. China: Wealth Management Products** - [Figure 1.22. China: Wealth Management Products (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/figure1_22.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.22. China: Wealth Management Products (CSV)](/external/pubs/ft/GFSR/2014/01/c1/figure1_22.csv){rel="external" type="application/octet-stream"} - **Figure 1.23. China: Selected Financial Sector Developments** - [Figure 1.23. China: Selected Financial Sector Developments (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/figure1_23.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.23. China: Selected Financial Sector Developments (CSV)](/external/pubs/ft/GFSR/2014/01/c1/figure1_23.csv){rel="external" type="application/octet-stream"} - **Figure 1.24. Total and Retail Portfolio Flows to Selected Emerging Market and Other Economies** - [Figure 1.24. Total and Retail Portfolio Flows to Selected Emerging Market and Other Economies (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/figure1_24.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.24. Total and Retail Portfolio Flows to Selected Emerging Market and Other Economies (CSV)](/external/pubs/ft/GFSR/2014/01/c1/figure1_24.csv){rel="external" type="application/octet-stream"} - **figure1_25** - [figure1_25 (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/figure1_25.csv.md){rel="alternate" type="text/markdown"} - [figure1_25 (CSV)](/external/pubs/ft/GFSR/2014/01/c1/figure1_25.csv){rel="external" type="application/octet-stream"} - **figure1_27** - [figure1_27 (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/figure1_27.csv.md){rel="alternate" type="text/markdown"} - [figure1_27 (CSV)](/external/pubs/ft/GFSR/2014/01/c1/figure1_27.csv){rel="external" type="application/octet-stream"} - **Figure 1.28. Euro Area Bank Asset Quality** - [Figure 1.28. Euro Area Bank Asset Quality (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/figure1_28.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.28. Euro Area Bank Asset Quality (CSV)](/external/pubs/ft/GFSR/2014/01/c1/figure1_28.csv){rel="external" type="application/octet-stream"} - **Figure 1.29. Euro Area Bank Profitability, Buffers, and Interest Rates** - [Figure 1.29. Euro Area Bank Profitability, Buffers, and Interest Rates (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/figure1_29.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.29. Euro Area Bank Profitability, Buffers, and Interest Rates (CSV)](/external/pubs/ft/GFSR/2014/01/c1/figure1_29.csv){rel="external" type="application/octet-stream"} - **figure1_3_1 — Asset Class Performance** - [figure1_3_1 — Asset Class Performance (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/figure1_3_1.csv.md){rel="alternate" type="text/markdown"} - [figure1_3_1 — Asset Class Performance (CSV)](/external/pubs/ft/GFSR/2014/01/c1/figure1_3_1.csv){rel="external" type="application/octet-stream"} - **Figure1 3** - [Figure1 3 (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/figure1_3.csv.md){rel="alternate" type="text/markdown"} - [Figure1 3 (CSV)](/external/pubs/ft/GFSR/2014/01/c1/figure1_3.csv){rel="external" type="application/octet-stream"} - **Figure 1.30. Assets of Banks in the Euro Area** - [Figure 1.30. Assets of Banks in the Euro Area (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/figure1_30.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.30. Assets of Banks in the Euro Area (CSV)](/external/pubs/ft/GFSR/2014/01/c1/figure1_30.csv){rel="external" type="application/octet-stream"} - **Figure 1.32. Euro Area Bank Write-Down Potential** - [Figure 1.32. Euro Area Bank Write-Down Potential (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/figure1_32.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.32. Euro Area Bank Write-Down Potential (CSV)](/external/pubs/ft/GFSR/2014/01/c1/figure1_32.csv){rel="external" type="application/octet-stream"} - **Figure 1.33. Strength of Insolvency Procedures and Nonperforming Loans in Advanced Economies, 2013** - [Figure 1.33. Strength of Insolvency Procedures and Nonperforming Loans in Advanced Economies, 2013 (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/figure1_33.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.33. Strength of Insolvency Procedures and Nonperforming Loans in Advanced Economies, 2013 (CSV)](/external/pubs/ft/GFSR/2014/01/c1/figure1_33.csv){rel="external" type="application/octet-stream"} - **Figure 1.34. Sources of Nonfinancial Corporate Credit, 2013:Q3** - [Figure 1.34. Sources of Nonfinancial Corporate Credit, 2013:Q3 (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/figure1_34.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.34. Sources of Nonfinancial Corporate Credit, 2013:Q3 (CSV)](/external/pubs/ft/GFSR/2014/01/c1/figure1_34.csv){rel="external" type="application/octet-stream"} - **Figure 1.35. Term Premium Estimates under Alternative Alfine Models** - [Figure 1.35. Term Premium Estimates under Alternative Alfine Models (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/figure1_35.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.35. Term Premium Estimates under Alternative Alfine Models (CSV)](/external/pubs/ft/GFSR/2014/01/c1/figure1_35.csv){rel="external" type="application/octet-stream"} - **figure1_36** - [figure1_36 (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/figure1_36.csv.md){rel="alternate" type="text/markdown"} - [figure1_36 (CSV)](/external/pubs/ft/GFSR/2014/01/c1/figure1_36.csv){rel="external" type="application/octet-stream"} - **Figure 1.4. U.S. Nonfinancial Corporations: Credit Cycle Indicators** - [Figure 1.4. U.S. Nonfinancial Corporations: Credit Cycle Indicators (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/figure1_4.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.4. U.S. Nonfinancial Corporations: Credit Cycle Indicators (CSV)](/external/pubs/ft/GFSR/2014/01/c1/figure1_4.csv){rel="external" type="application/octet-stream"} - **Figure 1.5. U.S. Nonfinancial Corporations: Key Financial Indicators** - [Figure 1.5. U.S. Nonfinancial Corporations: Key Financial Indicators (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/figure1_5.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.5. U.S. Nonfinancial Corporations: Key Financial Indicators (CSV)](/external/pubs/ft/GFSR/2014/01/c1/figure1_5.csv){rel="external" type="application/octet-stream"} - **Figure 1.6. S&P 500 Price-to-Earnings Ratio** - [Figure 1.6. S&P 500 Price-to-Earnings Ratio (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/figure1_6.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.6. S&P 500 Price-to-Earnings Ratio (CSV)](/external/pubs/ft/GFSR/2014/01/c1/figure1_6.csv){rel="external" type="application/octet-stream"} - **Figure 1.7. Decomposition of Equity Market Performance** - [Figure 1.7. Decomposition of Equity Market Performance (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/figure1_7.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.7. Decomposition of Equity Market Performance (CSV)](/external/pubs/ft/GFSR/2014/01/c1/figure1_7.csv){rel="external" type="application/octet-stream"} - **Figure 1.8. U.S. High-Yield Bond and Leveraged Loan Issuance with Lower Standards** - [Figure 1.8. U.S. High-Yield Bond and Leveraged Loan Issuance with Lower Standards (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/figure1_8.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.8. U.S. High-Yield Bond and Leveraged Loan Issuance with Lower Standards (CSV)](/external/pubs/ft/GFSR/2014/01/c1/figure1_8.csv){rel="external" type="application/octet-stream"} - **Figure 1.9. Leveraged Loans: Debt-to-EBITDA Ratio for Highly Leveraged Loans** - [Figure 1.9. Leveraged Loans: Debt-to-EBITDA Ratio for Highly Leveraged Loans (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/figure1_9.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.9. Leveraged Loans: Debt-to-EBITDA Ratio for Highly Leveraged Loans (CSV)](/external/pubs/ft/GFSR/2014/01/c1/figure1_9.csv){rel="external" type="application/octet-stream"} - **Table 1.1.1: Indebtedness and Leverage in Selected Advanced Economies** - [Table 1.1.1: Indebtedness and Leverage in Selected Advanced Economies (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/table1_1_1.csv.md){rel="alternate" type="text/markdown"} - [Table 1.1.1: Indebtedness and Leverage in Selected Advanced Economies (CSV)](/external/pubs/ft/GFSR/2014/01/c1/table1_1_1.csv){rel="external" type="application/octet-stream"} - **Table 1.1.2. Reduction in Gross Debt Levels in Selected Advanced Economies from 2009-13 Peak** - [Table 1.1.2. Reduction in Gross Debt Levels in Selected Advanced Economies from 2009-13 Peak (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/table1_1_2.csv.md){rel="alternate" type="text/markdown"} - [Table 1.1.2. Reduction in Gross Debt Levels in Selected Advanced Economies from 2009-13 Peak (CSV)](/external/pubs/ft/GFSR/2014/01/c1/table1_1_2.csv){rel="external" type="application/octet-stream"} - **Table 1.10. Granger Causality** - [Table 1.10. Granger Causality (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/table1_10.csv.md){rel="alternate" type="text/markdown"} - [Table 1.10. Granger Causality (CSV)](/external/pubs/ft/GFSR/2014/01/c1/table1_10.csv){rel="external" type="application/octet-stream"} - **Table 1.2. Change in 10-year Government Bond Yields** - [Table 1.2. Change in 10-year Government Bond Yields (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/table1_2.csv.md){rel="alternate" type="text/markdown"} - [Table 1.2. Change in 10-year Government Bond Yields (CSV)](/external/pubs/ft/GFSR/2014/01/c1/table1_2.csv){rel="external" type="application/octet-stream"} - **Table1 3** - [Table1 3 (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/table1_3.csv.md){rel="alternate" type="text/markdown"} - [Table1 3 (CSV)](/external/pubs/ft/GFSR/2014/01/c1/table1_3.csv){rel="external" type="application/octet-stream"} - **Table 1.4. Debt, Leverage, and Credit in Selected Emerging Market Economies** - [Table 1.4. Debt, Leverage, and Credit in Selected Emerging Market Economies (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/table1_4.csv.md){rel="alternate" type="text/markdown"} - [Table 1.4. Debt, Leverage, and Credit in Selected Emerging Market Economies (CSV)](/external/pubs/ft/GFSR/2014/01/c1/table1_4.csv){rel="external" type="application/octet-stream"} - **Table 1.5. Change in Gross Debt Levels and Credit in Selected Emerging Market Economies** - [Table 1.5. Change in Gross Debt Levels and Credit in Selected Emerging Market Economies (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/table1_5.csv.md){rel="alternate" type="text/markdown"} - [Table 1.5. Change in Gross Debt Levels and Credit in Selected Emerging Market Economies (CSV)](/external/pubs/ft/GFSR/2014/01/c1/table1_5.csv){rel="external" type="application/octet-stream"} - **Table 1.6. Summary of Indicators** - [Table 1.6. Summary of Indicators (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/table1_6.csv.md){rel="alternate" type="text/markdown"} - [Table 1.6. Summary of Indicators (CSV)](/external/pubs/ft/GFSR/2014/01/c1/table1_6.csv){rel="external" type="application/octet-stream"} - **Table 1.8. Correlation of Term Premium Estimates** - [Table 1.8. Correlation of Term Premium Estimates (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/table1_8.csv.md){rel="alternate" type="text/markdown"} - [Table 1.8. Correlation of Term Premium Estimates (CSV)](/external/pubs/ft/GFSR/2014/01/c1/table1_8.csv){rel="external" type="application/octet-stream"} - **Table 1.9. Sensitivity to the U.S. Term Premium** - [Table 1.9. Sensitivity to the U.S. Term Premium (Markdown version)](/external/pubs/ft/GFSR/2014/01/c1/table1_9.csv.md){rel="alternate" type="text/markdown"} - [Table 1.9. Sensitivity to the U.S. Term Premium (CSV)](/external/pubs/ft/GFSR/2014/01/c1/table1_9.csv){rel="external" type="application/octet-stream"} - **Figure 2.2.1. Financial Deepening in Emerging Markets** - [Figure 2.2.1. Financial Deepening in Emerging Markets (Markdown version)](/external/pubs/ft/GFSR/2014/01/c2/boxfigure2_2.csv.md){rel="alternate" type="text/markdown"} - [Figure 2.2.1. Financial Deepening in Emerging Markets (CSV)](/external/pubs/ft/GFSR/2014/01/c2/boxfigure2_2.csv){rel="external" type="application/octet-stream"} - **Figure 2.3.1. Investments of Institutional Investors in Emerging Markets** - [Figure 2.3.1. Investments of Institutional Investors in Emerging Markets (Markdown version)](/external/pubs/ft/GFSR/2014/01/c2/boxfigure2_3.csv.md){rel="alternate" type="text/markdown"} - [Figure 2.3.1. Investments of Institutional Investors in Emerging Markets (CSV)](/external/pubs/ft/GFSR/2014/01/c2/boxfigure2_3.csv){rel="external" type="application/octet-stream"} - **Figure 2.13. Sensitivity of Local Yields to Portfolio Flows and Decline in Global Market Making** - [Figure 2.13. Sensitivity of Local Yields to Portfolio Flows and Decline in Global Market Making (Markdown version)](/external/pubs/ft/GFSR/2014/01/c2/figure2_13.csv.md){rel="alternate" type="text/markdown"} - [Figure 2.13. Sensitivity of Local Yields to Portfolio Flows and Decline in Global Market Making (CSV)](/external/pubs/ft/GFSR/2014/01/c2/figure2_13.csv){rel="external" type="application/octet-stream"} - **Figure 2.2. Trends in Capital Flows to Emerging Markets** - [Figure 2.2. Trends in Capital Flows to Emerging Markets (Markdown version)](/external/pubs/ft/GFSR/2014/01/c2/figure2_2.csv.md){rel="alternate" type="text/markdown"} - [Figure 2.2. Trends in Capital Flows to Emerging Markets (CSV)](/external/pubs/ft/GFSR/2014/01/c2/figure2_2.csv){rel="external" type="application/octet-stream"} - **figure2_3 — Transformation of Investment Options in Emerging Markets** - [figure2_3 — Transformation of Investment Options in Emerging Markets (Markdown version)](/external/pubs/ft/GFSR/2014/01/c2/figure2_3.csv.md){rel="alternate" type="text/markdown"} - [figure2_3 — Transformation of Investment Options in Emerging Markets (CSV)](/external/pubs/ft/GFSR/2014/01/c2/figure2_3.csv){rel="external" type="application/octet-stream"} - **Figure 2.4. Emerging Markets: Shares in Economic Activity and Financial Markets** - [Figure 2.4. Emerging Markets: Shares in Economic Activity and Financial Markets (Markdown version)](/external/pubs/ft/GFSR/2014/01/c2/figure2_4.csv.md){rel="alternate" type="text/markdown"} - [Figure 2.4. Emerging Markets: Shares in Economic Activity and Financial Markets (CSV)](/external/pubs/ft/GFSR/2014/01/c2/figure2_4.csv){rel="external" type="application/octet-stream"} - **Figure 2.5. Allocation to Emerging Market Assets** - [Figure 2.5. Allocation to Emerging Market Assets (Markdown version)](/external/pubs/ft/GFSR/2014/01/c2/figure2_5.csv.md){rel="alternate" type="text/markdown"} - [Figure 2.5. Allocation to Emerging Market Assets (CSV)](/external/pubs/ft/GFSR/2014/01/c2/figure2_5.csv){rel="external" type="application/octet-stream"} - **Figure 3.1.1. Cross-Border Banking Linkages** - [Figure 3.1.1. Cross-Border Banking Linkages (Markdown version)](/external/pubs/ft/GFSR/2014/01/c3/boxfigure3_1.csv.md){rel="alternate" type="text/markdown"} - [Figure 3.1.1. Cross-Border Banking Linkages (CSV)](/external/pubs/ft/GFSR/2014/01/c3/boxfigure3_1.csv){rel="external" type="application/octet-stream"} - **Figure 3.2. Changes in the Number of Banks and the Size of the Banking Sector** - [Figure 3.2. Changes in the Number of Banks and the Size of the Banking Sector (Markdown version)](/external/pubs/ft/GFSR/2014/01/c3/figure3_2.csv.md){rel="alternate" type="text/markdown"} - [Figure 3.2. Changes in the Number of Banks and the Size of the Banking Sector (CSV)](/external/pubs/ft/GFSR/2014/01/c3/figure3_2.csv){rel="external" type="application/octet-stream"} - **Figure 1. Major Net Exporters and Importers of Capital, 2013** - [Figure 1. Major Net Exporters and Importers of Capital, 2013 (Markdown version)](/external/pubs/ft/GFSR/2014/01/sa/sa_figure1.csv.md){rel="alternate" type="text/markdown"} - [Figure 1. Major Net Exporters and Importers of Capital, 2013 (CSV)](/external/pubs/ft/GFSR/2014/01/sa/sa_figure1.csv){rel="external" type="application/octet-stream"} - **Figure 8. United States: Commercial Paper Market** - [Figure 8. United States: Commercial Paper Market (Markdown version)](/external/pubs/ft/GFSR/2014/01/sa/sa_figure8.csv.md){rel="alternate" type="text/markdown"} - [Figure 8. United States: Commercial Paper Market (CSV)](/external/pubs/ft/GFSR/2014/01/sa/sa_figure8.csv){rel="external" type="application/octet-stream"} - **Table 1. Capital Market Size: Selected Indicators, 2012** - [Table 1. Capital Market Size: Selected Indicators, 2012 (Markdown version)](/external/pubs/ft/GFSR/2014/01/sa/sa_table1.csv.md){rel="alternate" type="text/markdown"} - [Table 1. Capital Market Size: Selected Indicators, 2012 (CSV)](/external/pubs/ft/GFSR/2014/01/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/2014/01/sa/sa_table10.csv.md){rel="alternate" type="text/markdown"} - [Table 10. Emerging Markets: Mutual Funds (CSV)](/external/pubs/ft/GFSR/2014/01/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/2014/01/sa/sa_table2.csv.md){rel="alternate" type="text/markdown"} - [Table 2. MSCI Equity Market Indices (CSV)](/external/pubs/ft/GFSR/2014/01/sa/sa_table2.csv){rel="external" type="application/octet-stream"} - **Table 3. Emerging Markets Bond Index: EMBI Global Sovereign Yield Spreads** - [Table 3. Emerging Markets Bond Index: EMBI Global Sovereign Yield Spreads (Markdown version)](/external/pubs/ft/GFSR/2014/01/sa/sa_table3.csv.md){rel="alternate" type="text/markdown"} - [Table 3. Emerging Markets Bond Index: EMBI Global Sovereign Yield Spreads (CSV)](/external/pubs/ft/GFSR/2014/01/sa/sa_table3.csv){rel="external" type="application/octet-stream"} - **Table 4. Emerging Market Private External Financing: Total Bonds, Equities, and Loans** - [Table 4. Emerging Market Private External Financing: Total Bonds, Equities, and Loans (Markdown version)](/external/pubs/ft/GFSR/2014/01/sa/sa_table4.csv.md){rel="alternate" type="text/markdown"} - [Table 4. Emerging Market Private External Financing: Total Bonds, Equities, and Loans (CSV)](/external/pubs/ft/GFSR/2014/01/sa/sa_table4.csv){rel="external" type="application/octet-stream"} - **Table 5. Emerging Market Private External Financing: Bonds** - [Table 5. Emerging Market Private External Financing: Bonds (Markdown version)](/external/pubs/ft/GFSR/2014/01/sa/sa_table5.csv.md){rel="alternate" type="text/markdown"} - [Table 5. Emerging Market Private External Financing: Bonds (CSV)](/external/pubs/ft/GFSR/2014/01/sa/sa_table5.csv){rel="external" type="application/octet-stream"} - **Table 6. Emerging Market Private External Financing: Equity** - [Table 6. Emerging Market Private External Financing: Equity (Markdown version)](/external/pubs/ft/GFSR/2014/01/sa/sa_table6.csv.md){rel="alternate" type="text/markdown"} - [Table 6. Emerging Market Private External Financing: Equity (CSV)](/external/pubs/ft/GFSR/2014/01/sa/sa_table6.csv){rel="external" type="application/octet-stream"} - **Dataset overview: Table 7. Emerging Market Private External Financing: Loans** - [Dataset overview: Table 7. Emerging Market Private External Financing: Loans (Markdown version)](/external/pubs/ft/GFSR/2014/01/sa/sa_table7.csv.md){rel="alternate" type="text/markdown"} - [Dataset overview: Table 7. Emerging Market Private External Financing: Loans (CSV)](/external/pubs/ft/GFSR/2014/01/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/2014/01/sa/sa_table8.csv.md){rel="alternate" type="text/markdown"} - [Table 8. Equity Valuation Measures: Dividend-Yield Ratios (CSV)](/external/pubs/ft/GFSR/2014/01/sa/sa_table8.csv){rel="external" type="application/octet-stream"} - **Table 9. Equity Valuation Measures: Price/Earnings Ratios** - [Table 9. Equity Valuation Measures: Price/Earnings Ratios (Markdown version)](/external/pubs/ft/GFSR/2014/01/sa/sa_table9.csv.md){rel="alternate" type="text/markdown"} - [Table 9. Equity Valuation Measures: Price/Earnings Ratios (CSV)](/external/pubs/ft/GFSR/2014/01/sa/sa_table9.csv){rel="external" type="application/octet-stream"} - **تقرير الاستقرار المالي العالمي – إبريل 4102** - [تقرير الاستقرار المالي العالمي – إبريل 4102 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/gfsr/2014/01/pdf/suma.pdf.md){rel="alternate" type="text/markdown"} - [تقرير الاستقرار المالي العالمي – إبريل 4102 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/gfsr/2014/01/pdf/suma.pdf){rel="external" type="application/pdf"} - **全球金融稳定报告概要** - [全球金融稳定报告概要 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/gfsr/2014/01/pdf/sumc.pdf.md){rel="alternate" type="text/markdown"} - [全球金融稳定报告概要 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/gfsr/2014/01/pdf/sumc.pdf){rel="external" type="application/pdf"} - **Rapport sur la stabilité financière dans le monde : Résumé Analytique; avril 2014** - [Rapport sur la stabilité financière dans le monde : Résumé Analytique; avril 2014 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/gfsr/2014/01/pdf/sumf.pdf.md){rel="alternate" type="text/markdown"} - [Rapport sur la stabilité financière dans le monde : Résumé Analytique; avril 2014 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/gfsr/2014/01/pdf/sumf.pdf){rel="external" type="application/pdf"} - **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** - [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)](/-/media/websites/imf/imported-flagship-issues/external/japanese/pubs/ft/gfsr/2014/01/pdf/sumj.pdf.md){rel="alternate" type="text/markdown"} - [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)](/-/media/websites/imf/imported-flagship-issues/external/japanese/pubs/ft/gfsr/2014/01/pdf/sumj.pdf){rel="external" type="application/pdf"} - **GFSR** - [GFSR (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/01/pdf/_c1pdf.pdf.md){rel="alternate" type="text/markdown"} - [GFSR (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/01/pdf/_c1pdf.pdf){rel="external" type="application/pdf"} - **_c2pdf — Chapter 2 Summary** - [_c2pdf — Chapter 2 Summary (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/01/pdf/_c2pdf.pdf.md){rel="alternate" type="text/markdown"} - [_c2pdf — Chapter 2 Summary (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/01/pdf/_c2pdf.pdf){rel="external" type="application/pdf"} - **_c3pdf** - [_c3pdf (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/01/pdf/_c3pdf.pdf.md){rel="alternate" type="text/markdown"} - [_c3pdf (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/01/pdf/_c3pdf.pdf){rel="external" type="application/pdf"} - **GFSR- April 2014- Executive Summary** - [GFSR- April 2014- Executive Summary (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/01/pdf/_execsumpdf.pdf.md){rel="alternate" type="text/markdown"} - [GFSR- April 2014- Executive Summary (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/01/pdf/_execsumpdf.pdf){rel="external" type="application/pdf"} - **Preface** - [Preface (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/01/pdf/_prefacepdf.pdf.md){rel="alternate" type="text/markdown"} - [Preface (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/01/pdf/_prefacepdf.pdf){rel="external" type="application/pdf"} - **Moving From Liquidity- to Growth-Driven Markets** - [Moving From Liquidity- to Growth-Driven Markets (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/01/pdf/_presspdf.pdf.md){rel="alternate" type="text/markdown"} - [Moving From Liquidity- to Growth-Driven Markets (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/01/pdf/_presspdf.pdf){rel="external" type="application/pdf"} - **GFSR** - [GFSR (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/01/pdf/_statapppdf.pdf.md){rel="alternate" type="text/markdown"} - [GFSR (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/01/pdf/_statapppdf.pdf){rel="external" type="application/pdf"} - **Textpdf** - [Textpdf (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/01/pdf/_textpdf.pdf.md){rel="alternate" type="text/markdown"} - [Textpdf (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/01/pdf/_textpdf.pdf){rel="external" type="application/pdf"} - **АНАЛИТИЧЕСКОЕ РЕЗЮМЕ** - [АНАЛИТИЧЕСКОЕ РЕЗЮМЕ (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/russian/pubs/ft/gfsr/2014/01/pdf/sumr.pdf.md){rel="alternate" type="text/markdown"} - [АНАЛИТИЧЕСКОЕ РЕЗЮМЕ (PDF)](/-/media/websites/imf/imported-flagship-issues/external/russian/pubs/ft/gfsr/2014/01/pdf/sumr.pdf){rel="external" type="application/pdf"} - **Informe sobre la estabilidad financiera mundial** - [Informe sobre la estabilidad financiera mundial (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/spanish/pubs/ft/gfsr/2014/01/pdf/sums.pdf.md){rel="alternate" type="text/markdown"} - [Informe sobre la estabilidad financiera mundial (PDF)](/-/media/websites/imf/imported-flagship-issues/external/spanish/pubs/ft/gfsr/2014/01/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) - [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/) _Source: https://www.imf.org/en/publications/gfsr/issues/2016/12/31/moving-from-liquidity-to-growth-driven-markets_