{
  "title": "IMF Global Financial Stability Report: Navigating Monetary Policy Challenges and Managing Risks",
  "publication": "Global Financial Stability Report, April 8, 2015",
  "sourceUrl": "https://www.imf.org/en/publications/gfsr/issues/2016/12/31/navigating-monetary-policy-challenges-and-managing-risks",
  "canonical": "https://www.imf.org/en/publications/gfsr/issues/2016/12/31/navigating-monetary-policy-challenges-and-managing-risks",
  "overlayPath": "/en/publications/gfsr/issues/2016/12/31/navigating-monetary-policy-challenges-and-managing-risks/index.md",
  "summary": "The April 2015 Global Financial Stability Report (GFSR) finds the Global financial stability risks have risen since October.",
  "sections": [
    {
      "heading": "Publication details",
      "content": "- April 2015"
    },
    {
      "heading": "Major findings and risk assessment",
      "content": "- Global financial stability risks have risen since October.\n- Risks are rotating:\n  - away from banks to shadow banks;\n  - from solvency to market liquidity risks;\n  - from advanced economies to emerging markets.\n- In advanced economies, key challenges:\n  - enhance the traction of accommodative monetary policies;\n  - ensure a smooth normalization of monetary policy in the United States;\n  - manage the undesirable side effects of low interest rates.\n- In emerging markets, key challenges:\n  - address domestic financial vulnerabilities from weaker growth, lower commodity prices, and a stronger dollar;\n  - strengthen resilience to the changing global environment."
    },
    {
      "heading": "Chapter 1 — Enhancing policy traction and reducing risks (summary of substantive analysis)",
      "content": "- Reiterates that global financial stability risks have risen since October and are rotating across sectors and regions.\n- Highlights disinflationary forces and asset valuation and volatility concerns (referenced figures: Global Disinflationary Forces; Asset Valuation and Volatility Heat Maps).\n- Documents potential spillovers and sector impacts, including:\n  - The Oil Price Fallout—Spillovers and Implications for the Financial Sector (Box 1.1).\n  - Russia’s Financial Risks and Potential Spillovers (Box 1.2).\n- Identifies undesirable side effects of prolonged low interest rates and the policy challenge of managing portfolio rebalancing effects (referenced: Quantitative Easing Impact Channels; Illustrative “Baseline” QE Portfolio Rebalancing Scenarios in Japan and the Euro Area).\n- Provides empirical and tabulated evidence on household and corporate debt across advanced economies (Tables 1.1 and 1.2) and on sovereign, corporate, and banking indicators (Table 1.5)."
    },
    {
      "heading": "Chapter 2 — International banking after the crisis: increasingly local and safer? (substantive analysis)",
      "content": "- Documents a shift from direct cross-border lending to local lending by foreign banks’ affiliates.\n- Identifies drivers of the decline in cross-border lending:\n  - regulatory changes;\n  - weaknesses in bank balance sheets;\n  - macroeconomic factors.\n- Notes that the shift can positively affect host-country financial stability:\n  - cross-border lending tends to compound adverse domestic and global shocks;\n  - foreign-owned subsidiaries behave less procyclically than domestic banks during domestic crises.\n- Calls for more international cooperation to maximize benefits of international banking while mitigating risks.\n- Analytical emphases and empirical materials include:\n  - The international expansion of Chinese and Japanese banks;\n  - Expansion of pan-African banks;\n  - Banking union developments in Europe;\n  - Areas in need of regulatory and supervisory attention for global banks.\n- Empirical/table/figure coverage referenced (selected): Developments in Foreign Banking Claims; Changes in Capital Flows; Effect of International Banking Linkages on Domestic Credit Growth; Lending Growth by Domestic and Foreign-Owned Banks during Crises."
    },
    {
      "heading": "Chapter 3 — The asset management industry and financial stability (substantive analysis)",
      "content": "- Focuses on risks from the asset management industry, including “plain-vanilla” products such as mutual funds.\n- Identifies key risk mechanisms:\n  - incentive problems created by delegated management that may lead to herding;\n  - run risk stemming from liquidity mismatches between fund assets and investor redemption rights;\n  - first-mover advantages created by fund share pricing rules.\n- Empirical analysis finds evidence for many of these risk-creating mechanisms, with importance varying across markets.\n- Policy implication: oversight of the industry should be strengthened through better microprudential supervision of risks and by adopting a more-encompassing (macroprudential) approach.\n- Sections and empirical topics highlighted include: Fund Share Pricing Rules and First-Mover Advantage; Mutual Fund Flows and Asset Returns; Liquidity Mismatches; Growth in Bond Funds by Investment Focus; Contribution to Systemic Risk by Mutual Funds."
    },
    {
      "heading": "Policy recommendations and supervisory implications (synthesized from report text)",
      "content": "- Advanced economies should:\n  - enhance policy traction of accommodative monetary settings;\n  - ensure smooth U.S. monetary policy normalization;\n  - manage side effects of low interest rates, including portfolio rebalancing risks.\n- Emerging markets should:\n  - address domestic vulnerabilities from weaker growth, lower commodity prices, and a stronger dollar;\n  - strengthen resilience to changing global financial conditions.\n- International banking sector:\n  - increase international cooperation to capture benefits of regionalized/localized banking while mitigating cross-border spillovers.\n- Asset management industry:\n  - strengthen oversight and supervision of mutual funds and similar vehicles;\n  - adopt microprudential measures focused on liquidity risk management and incentive structures;\n  - adopt macroprudential approaches where industry-wide run and herding risks can affect system-wide stability."
    },
    {
      "heading": "Key referenced empirical materials and analytical tools (selection)",
      "content": "- Charts and figures referenced include: Global Financial Stability Map; Quantitative Easing and Financial Markets; U.S. Interest Rates and Term Premiums; The October 15 Flash Rally in U.S. Treasuries; Emerging Market Nonfinancial Corporate Investment Continues to Shrink; Large Increase in Emerging Market Debt; Financial Stability of Emerging Market Banks.\n- Tables and annexes cover household and corporate debt, potential portfolio outflows, and portfolio rebalancing scenarios (for example, Annex Tables 1.2.1 and 1.2.3).\n\nIMF Global Financial Stability Report: Navigating Monetary Policy Challenges and Managing Risks — April 2015\n\n---\n\n Content in this bundle\n\n- Annexfigure1 2 1\n  - Annexfigure1 2 1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Annexfigure1 2 1 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Annextable1 2 1\n  - Annextable1 2 1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Annextable1 2 1 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Annextable1 2 2\n  - Annextable1 2 2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Annextable1 2 2 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 1.2.3. Potential Portfolio Outflows by Japanese Institutional Investors, 2015�17\n  - Table 1.2.3. Potential Portfolio Outflows by Japanese Institutional Investors, 2015�17 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Table 1.2.3. Potential Portfolio Outflows by Japanese Institutional Investors, 2015�17 (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. Illustrative “Baseline” QE Portfolio Rebalancing Scenarios in Japan and the Euro Area\n  - Figure 1.10. Illustrative “Baseline” QE Portfolio Rebalancing Scenarios in Japan and the Euro Area (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.10. Illustrative “Baseline” QE Portfolio Rebalancing Scenarios in Japan and the Euro Area (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure1 11\n  - Figure1 11 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure1 11 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.12. Bank Nonperforming Loans and Lending Conditions\n  - Figure 1.12. Bank Nonperforming Loans and Lending Conditions (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.12. Bank Nonperforming Loans and Lending Conditions (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure113\n  - figure113 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - figure113 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.14. United States: Nonfinancial Corporations\n  - Figure 1.14. United States: Nonfinancial Corporations (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.14. United States: Nonfinancial Corporations (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.15. U.S. Credit Spreads, Firm Leverage, and Interest Coverage\n  - Figure 1.15. U.S. Credit Spreads, Firm Leverage, and Interest Coverage (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.15. U.S. Credit Spreads, Firm Leverage, and Interest Coverage (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.16. U.S. High-Yield Energy Markets\n  - Figure 1.16. U.S. High-Yield Energy Markets (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.16. U.S. High-Yield Energy Markets (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.17. U.S. Interest Rates and Term Premiums\n  - Figure 1.17. U.S. Interest Rates and Term Premiums (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.17. U.S. Interest Rates and Term Premiums (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.2. Global Financial Stability Map: Components of Risks and Conditions\n  - Figure 1.2. Global Financial Stability Map: Components of Risks and Conditions (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.2. Global Financial Stability Map: Components of Risks and Conditions (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.20. Asset Comovements and Correlations Spillovers\n  - Figure 1.20. Asset Comovements and Correlations Spillovers (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.20. Asset Comovements and Correlations Spillovers (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.21. Wide Range in the Inflation Outlook of Emerging Market Economies\n  - Figure 1.21. Wide Range in the Inflation Outlook of Emerging Market Economies (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.21. Wide Range in the Inflation Outlook of Emerging Market Economies (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.22. China: Real Estate and Interest Rate Developments\n  - Figure 1.22. China: Real Estate and Interest Rate Developments (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.22. China: Real Estate and Interest Rate Developments (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.23. Emerging Market Nonfinancial Corporate Investment Continues to Shrink\n  - Figure 1.23. Emerging Market Nonfinancial Corporate Investment Continues to Shrink (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.23. Emerging Market Nonfinancial Corporate Investment Continues to Shrink (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure1 24\n  - Figure1 24 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure1 24 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.25. Energy Corporate Sector Metrics\n  - Figure 1.25. Energy Corporate Sector Metrics (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.25. Energy Corporate Sector Metrics (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.26. Large Increase in Emerging Market Debt\n  - Figure 1.26. Large Increase in Emerging Market Debt (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.26. Large Increase in Emerging Market Debt (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.27. Firms in Countries with Large Currency Selloffs Also Had High Equity Volatility\n  - Figure 1.27. Firms in Countries with Large Currency Selloffs Also Had High Equity Volatility (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.27. Firms in Countries with Large Currency Selloffs Also Had High Equity Volatility (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.28. Financial Stability of Emerging Market Banks\n  - Figure 1.28. Financial Stability of Emerging Market Banks (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.28. Financial Stability of Emerging Market Banks (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.3. Global Disinflationary Forces\n  - Figure 1.3. Global Disinflationary Forces (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.3. Global Disinflationary Forces (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure14\n  - figure14 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - figure14 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.6. Private Nonfinancial Sector Gross Debt\n  - Figure 1.6. Private Nonfinancial Sector Gross Debt (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.6. Private Nonfinancial Sector Gross Debt (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.7. Episodes of Private Sector Deleveraging in Selected Advanced Economies\n  - Figure 1.7. Episodes of Private Sector Deleveraging in Selected Advanced Economies (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.7. Episodes of Private Sector Deleveraging in Selected Advanced Economies (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.8. Insolvency Frameworks and Macroeconomic Deleveraging\n  - Figure 1.8. Insolvency Frameworks and Macroeconomic Deleveraging (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.8. Insolvency Frameworks and Macroeconomic Deleveraging (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 1.1. Household Debt in the Euro Area, Japan, the United Kingdom, and the United States\n  - Table 1.1. Household Debt in the Euro Area, Japan, the United Kingdom, and the United States (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Table 1.1. Household Debt in the Euro Area, Japan, the United Kingdom, and the United States (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 1.2. Corporate Debt in the Euro Area, Japan, the United Kingdom, and the United States\n  - Table 1.2. Corporate Debt in the Euro Area, Japan, the United Kingdom, and the United States (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Table 1.2. Corporate Debt in the Euro Area, Japan, the United Kingdom, and the United States (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 1.4. Energy�s Impact on Two Barclays Corporate Credit Indices\n  - Table 1.4. Energy�s Impact on Two Barclays Corporate Credit Indices (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Table 1.4. Energy�s Impact on Two Barclays Corporate Credit Indices (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 1.5. Summary of Sovereign, Corporate, and Banking Indicators\n  - Table 1.5. Summary of Sovereign, Corporate, and Banking Indicators (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Table 1.5. Summary of Sovereign, Corporate, and Banking Indicators (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- boxfigure21 — Dataset overview\n  - boxfigure21 — Dataset overview (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - boxfigure21 — Dataset overview (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.2.1. Major Pan-African Banks: Cross-Border Expansion, 2002�14\n  - Figure 2.2.1. Major Pan-African Banks: Cross-Border Expansion, 2002�14 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.2.1. Major Pan-African Banks: Cross-Border Expansion, 2002�14 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.3.1. Sovereign Bond and Corporate  Lending Rates in the Euro Area\n  - Figure 2.3.1. Sovereign Bond and Corporate  Lending Rates in the Euro Area (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.3.1. Sovereign Bond and Corporate  Lending Rates in the Euro Area (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.1. Developments in Foreign Banking Claims\n  - Figure 2.1. Developments in Foreign Banking Claims (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.1. Developments in Foreign Banking Claims (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.11. Changes in Capital Flows\n  - Figure 2.11. Changes in Capital Flows (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.11. Changes in Capital Flows (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure23\n  - figure23 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - figure23 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.4. Banking Regionalization in Asia\n  - Figure 2.4. Banking Regionalization in Asia (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.4. Banking Regionalization in Asia (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.5. Trends in Latin America and Europe\n  - Figure 2.5. Trends in Latin America and Europe (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.5. Trends in Latin America and Europe (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.7. Changes in Corporate Borrowing\n  - Figure 2.7. Changes in Corporate Borrowing (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.7. Changes in Corporate Borrowing (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure2 8\n  - Figure2 8 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure2 8 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure29\n  - figure29 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - figure29 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 3.2.2. Difference between NAV and ETF Share Price\n  - Figure 3.2.2. Difference between NAV and ETF Share Price (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.2.2. Difference between NAV and ETF Share Price (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 3.1.1. Investment Vehicles by Size, Domicile, and Investment Focus\n  - Figure 3.1.1. Investment Vehicles by Size, Domicile, and Investment Focus (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.1.1. Investment Vehicles by Size, Domicile, and Investment Focus (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 3.1. Financial Intermediation by the Asset Management Industry Worldwide\n  - Figure 3.1. Financial Intermediation by the Asset Management Industry Worldwide (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.1. Financial Intermediation by the Asset Management Industry Worldwide (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 3.10. Liquidity Risk and Fund Structures\n  - Figure 3.10. Liquidity Risk and Fund Structures (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.10. Liquidity Risk and Fund Structures (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 3.14. Ownership Structure of the 25 Largest Global Asset Management Companies\n  - Figure 3.14. Ownership Structure of the 25 Largest Global Asset Management Companies (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.14. Ownership Structure of the 25 Largest Global Asset Management Companies (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 3.15. Bank Financing by Mutual Funds and Money Market Funds\n  - Figure 3.15. Bank Financing by Mutual Funds and Money Market Funds (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.15. Bank Financing by Mutual Funds and Money Market Funds (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 3.2. Products Offered by Asset Managers and Their Recent Growth\n  - Figure 3.2. Products Offered by Asset Managers and Their Recent Growth (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.2. Products Offered by Asset Managers and Their Recent Growth (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 3.3. Key Domiciles of Mutual Funds\n  - Figure 3.3. Key Domiciles of Mutual Funds (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.3. Key Domiciles of Mutual Funds (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 3.6. Growth in Bond Funds by Investment Focus\n  - Figure 3.6. Growth in Bond Funds by Investment Focus (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.6. Growth in Bond Funds by Investment Focus (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 3.7. Bond Ownership Concentration and Its Effects on Credit Spreads\n  - Figure 3.7. Bond Ownership Concentration and Its Effects on Credit Spreads (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.7. Bond Ownership Concentration and Its Effects on Credit Spreads (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 3.8. Drivers of Fund Flows from End Investors\n  - Figure 3.8. Drivers of Fund Flows from End Investors (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.8. Drivers of Fund Flows from End Investors (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1. Major Net Exporters and Importers of Capital in 2013\n  - Figure 1. Major Net Exporters and Importers of Capital in 2013 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1. Major Net Exporters and Importers of Capital in 2013 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 6. U.S. Corporate Bond Market\n  - Figure 6. U.S. Corporate Bond Market (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 6. U.S. Corporate Bond Market (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 7. Euro Area Corporate Bond Market\n  - Figure 7. Euro Area Corporate Bond Market (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 7. Euro Area Corporate Bond Market (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 8. U.S. Commercial Paper Market\n  - Figure 8. U.S. Commercial Paper Market (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 8. U.S. Commercial Paper Market (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 1. Capital Market Size: Selected Indicators, 2013\n  - Table 1. Capital Market Size: Selected Indicators, 2013 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Table 1. Capital Market Size: Selected Indicators, 2013 (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- Table 7. Emerging Market Private External Financing: Loans\n  - Table 7. Emerging Market Private External Financing: Loans (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 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- ملخص الفصلين: الصيرفة الدولية بعد الأزمة؛ وصناعة إدارة الأصول والاستقرار المالي\n  - ملخص الفصلين: الصيرفة الدولية بعد الأزمة؛ وصناعة إدارة الأصول والاستقرار المالي (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - ملخص الفصلين: الصيرفة الدولية بعد الأزمة؛ وصناعة إدارة الأصول والاستقرار المالي (PDF){rel=\"external\" type=\"application/pdf\"}\n- ملخص واف لتقرير الاستقرار المالي العالمي -  إبريل 2015\n  - ملخص واف لتقرير الاستقرار المالي العالمي -  إبريل 2015 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - ملخص واف لتقرير الاستقرار المالي العالمي -  إبريل 2015 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Normal\n  - Normal (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Normal (PDF){rel=\"external\" type=\"application/pdf\"}\n- نشرة صندوق النقد الدولي\n  - نشرة صندوق النقد الدولي (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - نشرة صندوق النقد الدولي (PDF){rel=\"external\" type=\"application/pdf\"}\n- تقرير الاستق ا رر المالي العالمي: المخاطر المالية تزداد وتنتقل\n  - تقرير الاستق ا رر المالي العالمي: المخاطر المالية تزداد وتنتقل (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - تقرير الاستق ا رر المالي العالمي: المخاطر المالية تزداد وتنتقل (PDF){rel=\"external\" type=\"application/pdf\"}\n- 2015年4月《全球金融稳定报告》第二、三章摘要\n  - 2015年4月《全球金融稳定报告》第二、三章摘要 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 2015年4月《全球金融稳定报告》第二、三章摘要 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 2015年4月《全球金融稳定报告》概要\n  - 2015年4月《全球金融稳定报告》概要 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 2015年4月《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; April 2015 -- Synthèse des chapitres 2 et 3\n  - Rapport sur la stabilité financière dans le monde; April 2015 -- Synthèse des chapitres 2 et 3 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Rapport sur la stabilité financière dans le monde; April 2015 -- Synthèse des chapitres 2 et 3 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Rapport sur la stabilité financière dans le monde : résumé analytique; Avril 2015\n  - Rapport sur la stabilité financière dans le monde : résumé analytique; Avril 2015 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Rapport sur la stabilité financière dans le monde : résumé analytique; Avril 2015 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 国際金融安定性報告書\n  - 国際金融安定性報告書 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 国際金融安定性報告書 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 国際金融安定性報告書（GFSR),  2015年4月: 要旨\n  - 国際金融安定性報告書（GFSR),  2015年4月: 要旨 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 国際金融安定性報告書（GFSR),  2015年4月: 要旨 (PDF){rel=\"external\" type=\"application/pdf\"}\n- AnnexFigure121\n  - AnnexFigure121 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - AnnexFigure121 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure110\n  - Figure110 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure110 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure111\n  - Figure111 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure111 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure112c\n  - Figure112c (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure112c (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure112\n  - Figure112 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure112 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure113\n  - Figure113 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure113 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure114\n  - Figure114 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure114 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure115\n  - Figure115 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure115 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure116\n  - Figure116 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure116 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure117\n  - Figure117 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure117 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure118\n  - Figure118 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure118 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure119\n  - Figure119 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure119 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure11\n  - Figure11 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure11 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure120\n  - Figure120 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure120 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure121\n  - Figure121 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure121 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure122\n  - Figure122 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure122 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure123\n  - Figure123 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure123 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure124\n  - Figure124 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure124 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure125\n  - Figure125 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure125 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure126\n  - Figure126 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure126 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure127\n  - Figure127 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure127 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure128\n  - Figure128 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure128 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure12\n  - Figure12 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure12 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure13\n  - Figure13 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure13 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure14\n  - Figure14 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure14 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure15\n  - Figure15 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure15 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure16\n  - Figure16 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure16 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure17\n  - Figure17 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure17 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure18\n  - Figure18 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure18 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure19\n  - Figure19 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure19 (PDF){rel=\"external\" type=\"application/pdf\"}\n- ratioDistanceFigure 2.10\n  - ratioDistanceFigure 2.10 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - ratioDistanceFigure 2.10 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 13Figure 2.1.1\n  - 13Figure 2.1.1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 13Figure 2.1.1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.1.2\n  - Figure 2.1.2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.1.2 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.1.3\n  - Figure 2.1.3 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.1.3 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.14\n  - Figure 2.14 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.14 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.1\n  - Figure 2.1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.2.1\n  - Figure 2.2.1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.2.1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.2.2\n  - Figure 2.2.2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.2.2 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.2\n  - Figure 2.2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.2 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.3.1\n  - Figure 2.3.1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.3.1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.3\n  - Figure 2.3 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.3 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.4\n  - Figure 2.4 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.4 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.5\n  - Figure 2.5 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.5 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.6\n  - Figure 2.6 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.6 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.7\n  - Figure 2.7 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.7 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.8\n  - Figure 2.8 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.8 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure29V2\n  - Figure29V2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure29V2 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Annex Figure 3.1.1\n  - Annex Figure 3.1.1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Annex Figure 3.1.1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Annex Figure 3.1.1\n  - Annex Figure 3.1.1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Annex Figure 3.1.1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Annex Figure 3.1.2\n  - Annex Figure 3.1.2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Annex Figure 3.1.2 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Annex Figure 3.2.1\n  - Annex Figure 3.2.1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Annex Figure 3.2.1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.10\n  - Figure 3.10 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.10 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.11\n  - Figure 3.11 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.11 (PDF){rel=\"external\" type=\"application/pdf\"}\n- feeFigure 3.12\n  - feeFigure 3.12 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - feeFigure 3.12 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.13\n  - Figure 3.13 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.13 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.14\n  - Figure 3.14 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.14 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.15\n  - Figure 3.15 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.15 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.16\n  - Figure 3.16 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.16 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.1\n  - Figure 3.1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.2.1\n  - Figure 3.2.1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.2.1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.2.2\n  - Figure 3.2.2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.2.2 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.2\n  - Figure 3.2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.2 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.3\n  - Figure 3.3 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.3 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.4\n  - Figure 3.4 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.4 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.5\n  - Figure 3.5 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.5 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.6\n  - Figure 3.6 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.6 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.7\n  - Figure 3.7 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.7 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.8\n  - Figure 3.8 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.8 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.9\n  - Figure 3.9 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.9 (PDF){rel=\"external\" type=\"application/pdf\"}\n- CHAPTER 1 EnhancIng polIcy tractIon and rEducIng rIsks\n  - CHAPTER 1 EnhancIng polIcy tractIon and rEducIng rIsks (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - CHAPTER 1 EnhancIng polIcy tractIon and rEducIng rIsks (PDF){rel=\"external\" type=\"application/pdf\"}\n- GFSR April 2015: Chapter 2 - International Banking After The Crisis:Increasingly Local And Safer?\n  - GFSR April 2015: Chapter 2 - International Banking After The Crisis:Increasingly Local And Safer? (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - GFSR April 2015: Chapter 2 - International Banking After The Crisis:Increasingly Local And Safer? (PDF){rel=\"external\" type=\"application/pdf\"}\n- GFSR April 2015: Chapter 3 - The Asset Management Industry And Financial Stability\n  - GFSR April 2015: Chapter 3 - The Asset Management Industry And Financial Stability (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - GFSR April 2015: Chapter 3 - The Asset Management Industry And Financial Stability (PDF){rel=\"external\" type=\"application/pdf\"}\n- April 2015 Global Financial Stability Report- Executive Summary\n  - April 2015 Global Financial Stability Report- Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - April 2015 Global Financial Stability Report- Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}\n- April 2015 Global Financial Stability Report- Preface\n  - April 2015 Global Financial Stability Report- Preface (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - April 2015 Global Financial Stability Report- Preface (PDF){rel=\"external\" type=\"application/pdf\"}\n- Global Financial Stability Report- April 2015: Statistical Appendix\n  - Global Financial Stability Report- April 2015: Statistical Appendix (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Global Financial Stability Report- April 2015: Statistical Appendix (PDF){rel=\"external\" type=\"application/pdf\"}\n- April 2015 Global Financial Stability Report- Executive Summary\n  - April 2015 Global Financial Stability Report- Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - April 2015 Global Financial Stability Report- Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}\n- GFSR- April 2015: Chapter 2 Summary\n  - GFSR- April 2015: Chapter 2 Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - GFSR- April 2015: Chapter 2 Summary (PDF){rel=\"external\" type=\"application/pdf\"}\n- GFSR- Arpil 2015: Chapter 3 Summary\n  - GFSR- Arpil 2015: Chapter 3 Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - GFSR- Arpil 2015: Chapter 3 Summary (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- Резюме по главам 2 и 3 -- Доклад по вопросам глобальной финансовой стабильности, апрель 2015 года\n  - Резюме по главам 2 и 3 -- Доклад по вопросам глобальной финансовой стабильности, апрель 2015 года (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Резюме по главам 2 и 3 -- Доклад по вопросам глобальной финансовой стабильности, апрель 2015 года (PDF){rel=\"external\" type=\"application/pdf\"}\n- Аналитическое резюме -- Доклад по вопросам глобальной финансовой стабильности, апрель 2015 года\n  - Аналитическое резюме -- Доклад по вопросам глобальной финансовой стабильности, апрель 2015 года (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Аналитическое резюме -- Доклад по вопросам глобальной финансовой стабильности, апрель 2015 года (PDF){rel=\"external\" type=\"application/pdf\"}\n- Informe sobre la estabilidad financiera mundial - Resúmenes de los capítulos 2 y 3; abril de 2015\n  - Informe sobre la estabilidad financiera mundial - Resúmenes de los capítulos 2 y 3; abril de 2015 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Informe sobre la estabilidad financiera mundial - Resúmenes de los capítulos 2 y 3; abril de 2015 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Informe sobre la estabilidad financiera mundial - Resumen Ejecutivo; Abril 2015\n  - Informe sobre la estabilidad financiera mundial - Resumen Ejecutivo; Abril 2015 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Informe sobre la estabilidad financiera mundial - Resumen Ejecutivo; Abril 2015 (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 Article: Chapter 1\n- Survey Article: Chapter 2\n- Survey Article: Chapter 3\n- Survey Article: Chapter 1\n- Survey Article: Chapter 1\n- Survey Article: Chapter 2\n- Survey Article: Chapter 1\n- Survey Article: Chapter 2\n- Survey Article: Chapter 3\n- Survey Article: Chapter 1\n- Survey Article: Chapter 2\n- Survey Article: Chapter 3\n- https://www.imf.org/en/home\n- Survey Story\n- Survey Story\n- Survey Story\n- Financial Soundness Indicators\n\nSource: https://www.imf.org/en/publications/gfsr/issues/2016/12/31/navigating-monetary-policy-challenges-and-managing-risks"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/gfsr/issues/2016/12/31/navigating-monetary-policy-challenges-and-managing-risks/index.md)",
    "[Structured JSON version](/en/publications/gfsr/issues/2016/12/31/navigating-monetary-policy-challenges-and-managing-risks/index.json)",
    "[Bundle manifest](/en/publications/gfsr/issues/2016/12/31/navigating-monetary-policy-challenges-and-managing-risks/bundle-manifest.json)",
    "Published: April 8, 2015",
    "Series: Global Financial Stability Report",
    "April 2015",
    "Global financial stability risks have risen since October.",
    "Risks are rotating:",
    "In advanced economies, key challenges:",
    "In emerging markets, key challenges:",
    "Reiterates that global financial stability risks have risen since October and are rotating across sectors and regions.",
    "Highlights disinflationary forces and asset valuation and volatility concerns (referenced figures: Global Disinflationary Forces; Asset Valuation and Volatility Heat Maps).",
    "Documents potential spillovers and sector impacts, including:",
    "Identifies undesirable side effects of prolonged low interest rates and the policy challenge of managing portfolio rebalancing effects (referenced: Quantitative Easing Impact Channels; Illustrative “Baseline” QE Portfolio Rebalancing Scenarios in Japan and the Euro Area).",
    "Provides empirical and tabulated evidence on household and corporate debt across advanced economies (Tables 1.1 and 1.2) and on sovereign, corporate, and banking indicators (Table 1.5).",
    "Documents a shift from direct cross-border lending to local lending by foreign banks’ affiliates.",
    "Identifies drivers of the decline in cross-border lending:",
    "Notes that the shift can positively affect host-country financial stability:",
    "Calls for more international cooperation to maximize benefits of international banking while mitigating risks.",
    "Analytical emphases and empirical materials include:",
    "Empirical/table/figure coverage referenced (selected): Developments in Foreign Banking Claims; Changes in Capital Flows; Effect of International Banking Linkages on Domestic Credit Growth; Lending Growth by Domestic and Foreign-Owned Banks during Crises.",
    "Focuses on risks from the asset management industry, including “plain-vanilla” products such as mutual funds.",
    "Identifies key risk mechanisms:",
    "Empirical analysis finds evidence for many of these risk-creating mechanisms, with importance varying across markets.",
    "Policy implication: oversight of the industry should be strengthened through better microprudential supervision of risks and by adopting a more-encompassing (macroprudential) approach.",
    "Sections and empirical topics highlighted include: Fund Share Pricing Rules and First-Mover Advantage; Mutual Fund Flows and Asset Returns; Liquidity Mismatches; Growth in Bond Funds by Investment Focus; Contribution to Systemic Risk by Mutual Funds.",
    "Advanced economies should:",
    "Emerging markets should:",
    "International banking sector:",
    "Asset management industry:",
    "Charts and figures referenced include: Global Financial Stability Map; Quantitative Easing and Financial Markets; U.S. Interest Rates and Term Premiums; The October 15 Flash Rally in U.S. Treasuries; Emerging Market Nonfinancial Corporate Investment Continues to Shrink; Large Increase in Emerging Market Debt; Financial Stability of Emerging Market Banks.",
    "Tables and annexes cover household and corporate debt, potential portfolio outflows, and portfolio rebalancing scenarios (for example, Annex Tables 1.2.1 and 1.2.3).",
    "**Annexfigure1 2 1**",
    "**Annextable1 2 1**",
    "**Annextable1 2 2**",
    "**Table 1.2.3. Potential Portfolio Outflows by Japanese Institutional Investors, 2015�17**",
    "**Figure 1.1. Global Financial Stability Map**",
    "**Figure 1.10. Illustrative “Baseline” QE Portfolio Rebalancing Scenarios in Japan and the Euro Area**",
    "**Figure1 11**",
    "**Figure 1.12. Bank Nonperforming Loans and Lending Conditions**",
    "**figure1_13**",
    "**Figure 1.14. United States: Nonfinancial Corporations**",
    "**Figure 1.15. U.S. Credit Spreads, Firm Leverage, and Interest Coverage**",
    "**Figure 1.16. U.S. High-Yield Energy Markets**",
    "**Figure 1.17. U.S. Interest Rates and Term Premiums**",
    "**Figure 1.2. Global Financial Stability Map: Components of Risks and Conditions**",
    "**Figure 1.20. Asset Comovements and Correlations Spillovers**",
    "**Figure 1.21. Wide Range in the Inflation Outlook of Emerging Market Economies**",
    "**Figure 1.22. China: Real Estate and Interest Rate Developments**",
    "**Figure 1.23. Emerging Market Nonfinancial Corporate Investment Continues to Shrink**",
    "**Figure1 24**",
    "**Figure 1.25. Energy Corporate Sector Metrics**",
    "**Figure 1.26. Large Increase in Emerging Market Debt**",
    "**Figure 1.27. Firms in Countries with Large Currency Selloffs Also Had High Equity Volatility**",
    "**Figure 1.28. Financial Stability of Emerging Market Banks**",
    "**Figure 1.3. Global Disinflationary Forces**",
    "**figure1_4**",
    "**Figure 1.6. Private Nonfinancial Sector Gross Debt**",
    "**Figure 1.7. Episodes of Private Sector Deleveraging in Selected Advanced Economies**",
    "**Figure 1.8. Insolvency Frameworks and Macroeconomic Deleveraging**",
    "**Table 1.1. Household Debt in the Euro Area, Japan, the United Kingdom, and the United States**",
    "**Table 1.2. Corporate Debt in the Euro Area, Japan, the United Kingdom, and the United States**",
    "**Table 1.4. Energy�s Impact on Two Barclays Corporate Credit Indices**",
    "**Table 1.5. Summary of Sovereign, Corporate, and Banking Indicators**",
    "**boxfigure2_1 — Dataset overview**",
    "**Figure 2.2.1. Major Pan-African Banks: Cross-Border Expansion, 2002�14**",
    "**Figure 2.3.1. Sovereign Bond and Corporate  Lending Rates in the Euro Area**",
    "**Figure 2.1. Developments in Foreign Banking Claims**",
    "**Figure 2.11. Changes in Capital Flows**",
    "**figure2_3**",
    "**Figure 2.4. Banking Regionalization in Asia**",
    "**Figure 2.5. Trends in Latin America and Europe**",
    "**Figure 2.7. Changes in Corporate Borrowing**",
    "**Figure2 8**",
    "**figure2_9**",
    "**Figure 3.2.2. Difference between NAV and ETF Share Price**",
    "**Figure 3.1.1. Investment Vehicles by Size, Domicile, and Investment Focus**",
    "**Figure 3.1. Financial Intermediation by the Asset Management Industry Worldwide**",
    "**Figure 3.10. Liquidity Risk and Fund Structures**",
    "**Figure 3.14. Ownership Structure of the 25 Largest Global Asset Management Companies**",
    "**Figure 3.15. Bank Financing by Mutual Funds and Money Market Funds**",
    "**Figure 3.2. Products Offered by Asset Managers and Their Recent Growth**",
    "**Figure 3.3. Key Domiciles of Mutual Funds**",
    "**Figure 3.6. Growth in Bond Funds by Investment Focus**",
    "**Figure 3.7. Bond Ownership Concentration and Its Effects on Credit Spreads**",
    "**Figure 3.8. Drivers of Fund Flows from End Investors**",
    "**Figure 1. Major Net Exporters and Importers of Capital in 2013**",
    "**Figure 6. U.S. Corporate Bond Market**",
    "**Figure 7. Euro Area Corporate Bond Market**",
    "**Figure 8. U.S. Commercial Paper Market**",
    "**Table 1. Capital Market Size: Selected Indicators, 2013**",
    "**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**",
    "**Table 7. Emerging Market Private External Financing: Loans**",
    "**Table 8. Equity Valuation Measures: Dividend-Yield Ratios**",
    "**Table 9. Equity Valuation Measures: Price/Earnings Ratios**",
    "**ملخص الفصلين: الصيرفة الدولية بعد الأزمة؛ وصناعة إدارة الأصول والاستقرار المالي**",
    "**ملخص واف لتقرير الاستقرار المالي العالمي -  إبريل 2015**",
    "**Normal**",
    "**نشرة صندوق النقد الدولي**",
    "**تقرير الاستق ا رر المالي العالمي: المخاطر المالية تزداد وتنتقل**",
    "**2015年4月《全球金融稳定报告》第二、三章摘要**",
    "**2015年4月《全球金融稳定报告》概要**",
    "**Rapport sur la stabilité financière dans le monde; April 2015 -- Synthèse des chapitres 2 et 3**",
    "**Rapport sur la stabilité financière dans le monde : résumé analytique; Avril 2015**",
    "**国際金融安定性報告書**",
    "**国際金融安定性報告書（GFSR),  2015年4月: 要旨**",
    "**AnnexFigure1_2_1**",
    "**Figure1_10**",
    "**Figure1_1_1**",
    "**Figure1_12c**",
    "**Figure1_12**",
    "**Figure1_13**",
    "**Figure1_14**",
    "**Figure1_15**",
    "**Figure1_16**",
    "**Figure1_17**",
    "**Figure1_18**",
    "**Figure1_19**",
    "**Figure1_1**",
    "**Figure1_20**",
    "**Figure1_2_1**",
    "**Figure1_2_2**",
    "**Figure1_2_3**",
    "**Figure1_24**",
    "**Figure1_25**",
    "**Figure1_26**",
    "**Figure1_27**",
    "**Figure1_28**",
    "**Figure1_2**",
    "**Figure1_3**",
    "**Figure1_4**",
    "**Figure1_5**",
    "**Figure1_6**",
    "**Figure1_7**",
    "**Figure1_8**",
    "**Figure1_9**",
    "**ratioDistanceFigure 2.10**",
    "**13Figure 2.1.1**",
    "**Figure 2.1.2**",
    "**Figure 2.1.3**",
    "**Figure 2.14**",
    "**Figure 2.1**",
    "**Figure 2.2.1**",
    "**Figure 2.2.2**",
    "**Figure 2.2**",
    "**Figure 2.3.1**",
    "**Figure 2.3**",
    "**Figure 2.4**",
    "**Figure 2.5**",
    "**Figure 2.6**",
    "**Figure 2.7**",
    "**Figure 2.8**",
    "**Figure2_9_V2**",
    "**Annex Figure 3.1.1**",
    "**Annex Figure 3.1.1**",
    "**Annex Figure 3.1.2**",
    "**Annex Figure 3.2.1**",
    "**Figure 3.10**",
    "**Figure 3.11**",
    "**feeFigure 3.12**",
    "**Figure 3.13**",
    "**Figure 3.14**",
    "**Figure 3.15**",
    "**Figure 3.16**",
    "**Figure 3.1**",
    "**Figure 3.2.1**",
    "**Figure 3.2.2**",
    "**Figure 3.2**",
    "**Figure 3.3**",
    "**Figure 3.4**",
    "**Figure 3.5**",
    "**Figure 3.6**",
    "**Figure 3.7**",
    "**Figure 3.8**",
    "**Figure 3.9**",
    "**CHAPTER 1 EnhancIng polIcy tractIon and rEducIng rIsks**",
    "**GFSR April 2015: Chapter 2 - International Banking After The Crisis:Increasingly Local And Safer?**",
    "**GFSR April 2015: Chapter 3 - The Asset Management Industry And Financial Stability**",
    "**April 2015 Global Financial Stability Report- Executive Summary**",
    "**April 2015 Global Financial Stability Report- Preface**",
    "**Global Financial Stability Report- April 2015: Statistical Appendix**",
    "**April 2015 Global Financial Stability Report- Executive Summary**",
    "**GFSR- April 2015: Chapter 2 Summary**",
    "**GFSR- Arpil 2015: Chapter 3 Summary**",
    "**_textpdf**",
    "**Резюме по главам 2 и 3 -- Доклад по вопросам глобальной финансовой стабильности, апрель 2015 года**",
    "**Аналитическое резюме -- Доклад по вопросам глобальной финансовой стабильности, апрель 2015 года**",
    "**Informe sobre la estabilidad financiera mundial - Resúmenes de los capítulos 2 y 3; abril de 2015**",
    "**Informe sobre la estabilidad financiera mundial - Resumen Ejecutivo; Abril 2015**",
    "[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 Article: Chapter 1](http://www-stg-ext.imf.org/external/French/pubs/ft/survey/so/2015/POL041515AF.htm)",
    "[Survey Article: Chapter 2](http://www-stg-ext.imf.org/external/French/pubs/ft/survey/so/2015/POL040815AF.htm)",
    "[Survey Article: Chapter 3](http://www-stg-ext.imf.org/external/French/pubs/ft/survey/so/2015/POL040815BF.htm)",
    "[Survey Article: Chapter 1](http://www-stg-ext.imf.org/external/Spanish/pubs/ft/survey/so/2015/POL041515AS.htm)",
    "[Survey Article: Chapter 1](http://www-stg-ext.imf.org/External/Pubs/FT/GFSR/2015/01/external/Chinese/pubs/ft/survey/so/2015/pol041515ac.htm)",
    "[Survey Article: Chapter 2](http://www-stg-ext.imf.org/External/Pubs/FT/GFSR/2015/01/external/Chinese/pubs/ft/survey/so/2015/POL040815AC.htm)",
    "[Survey Article: Chapter 1](http://www-stg-ext.imf.org/external/Russian/pubs/ft/survey/so/2015/POL041515AR.htm)",
    "[Survey Article: Chapter 2](http://www-stg-ext.imf.org/external/Russian/pubs/ft/survey/so/2015/POL040815AR.htm)",
    "[Survey Article: Chapter 3](http://www-stg-ext.imf.org/external/Russian/pubs/ft/survey/so/2015/POL040815BR.htm)",
    "[Survey Article: Chapter 1](http://www-stg-ext.imf.org/External/Pubs/FT/GFSR/2015/01/external/japanese/pubs/ft/survey/so/2015/POL041515AJ.htm)",
    "[Survey Article: Chapter 2](http://www-stg-ext.imf.org/External/Pubs/FT/GFSR/2015/01/external/japanese/pubs/ft/survey/so/2015/POL040815AJ.htm)",
    "[Survey Article: Chapter 3](http://www-stg-ext.imf.org/External/Pubs/FT/GFSR/2015/01/external/japanese/pubs/ft/survey/so/2015/POL040815BJ.htm)",
    "[Survey Story](http://www.imf.org/external/pubs/ft/survey/so/2015/POL041515A.htm)",
    "[Survey Story](http://www.imf.org/external/pubs/ft/survey/so/2015/POL040815A.htm)",
    "[Survey Story](http://www.imf.org/external/pubs/ft/survey/so/2015/POL040815B.htm)",
    "[Financial Soundness Indicators](http://fsi.imf.org/)"
  ],
  "related": [
    {
      "title": "Annexfigure1 2 1",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c1/annexfigure1_2_1.csv",
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      "title": "Table 1.2.3. Potential Portfolio Outflows by Japanese Institutional Investors, 2015�17",
      "role": "dataset",
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      "title": "Figure 1.1. Global Financial Stability Map",
      "role": "dataset",
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    {
      "title": "Figure 1.14. United States: Nonfinancial Corporations",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c1/figure1_14.csv",
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    {
      "title": "Figure 1.15. U.S. Credit Spreads, Firm Leverage, and Interest Coverage",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c1/figure1_15.csv",
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    },
    {
      "title": "Figure 1.16. U.S. High-Yield Energy Markets",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c1/figure1_16.csv",
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    {
      "title": "Figure 1.17. U.S. Interest Rates and Term Premiums",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c1/figure1_17.csv",
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      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c1/figure1_2.csv",
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      "title": "Figure 1.20. Asset Comovements and Correlations Spillovers",
      "role": "dataset",
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    {
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    },
    {
      "title": "Figure 1.22. China: Real Estate and Interest Rate Developments",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c1/figure1_22.csv",
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    },
    {
      "title": "Figure 1.23. Emerging Market Nonfinancial Corporate Investment Continues to Shrink",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c1/figure1_23.csv",
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    },
    {
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      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c1/figure1_24.csv",
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    {
      "title": "Figure 1.25. Energy Corporate Sector Metrics",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c1/figure1_25.csv",
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    },
    {
      "title": "Figure 1.26. Large Increase in Emerging Market Debt",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c1/figure1_26.csv",
      "summary": {
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    },
    {
      "title": "Figure 1.27. Firms in Countries with Large Currency Selloffs Also Had High Equity Volatility",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c1/figure1_27.csv",
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    },
    {
      "title": "Figure 1.28. Financial Stability of Emerging Market Banks",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c1/figure1_28.csv",
      "summary": {
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    },
    {
      "title": "Figure 1.3. Global Disinflationary Forces",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c1/figure1_3.csv",
      "summary": {
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    },
    {
      "title": "figure1_4",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c1/figure1_4.csv",
      "summary": {
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    },
    {
      "title": "Figure 1.6. Private Nonfinancial Sector Gross Debt",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c1/figure1_6.csv",
      "summary": {
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        "path": "/external/pubs/ft/GFSR/2015/01/c1/figure1_6.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 1.7. Episodes of Private Sector Deleveraging in Selected Advanced Economies",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c1/figure1_7.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c1/figure1_7.csv.md",
        "mime": "text/markdown"
      },
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        "path": "/external/pubs/ft/GFSR/2015/01/c1/figure1_7.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 1.8. Insolvency Frameworks and Macroeconomic Deleveraging",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c1/figure1_8.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c1/figure1_8.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c1/figure1_8.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Table 1.1. Household Debt in the Euro Area, Japan, the United Kingdom, and the United States",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c1/table1_1.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c1/table1_1.csv.md",
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      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c1/table1_1.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Table 1.2. Corporate Debt in the Euro Area, Japan, the United Kingdom, and the United States",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c1/table1_2.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c1/table1_2.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c1/table1_2.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Table 1.4. Energy�s Impact on Two Barclays Corporate Credit Indices",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c1/table1_4.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c1/table1_4.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c1/table1_4.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Table 1.5. Summary of Sovereign, Corporate, and Banking Indicators",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c1/table1_5.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c1/table1_5.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c1/table1_5.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "boxfigure2_1 — Dataset overview",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c2/boxfigure2_1.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c2/boxfigure2_1.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c2/boxfigure2_1.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 2.2.1. Major Pan-African Banks: Cross-Border Expansion, 2002�14",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c2/boxfigure2_2.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c2/boxfigure2_2.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c2/boxfigure2_2.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 2.3.1. Sovereign Bond and Corporate  Lending Rates in the Euro Area",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c2/boxfigure2_3.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c2/boxfigure2_3.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c2/boxfigure2_3.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 2.1. Developments in Foreign Banking Claims",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c2/figure2_1.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c2/figure2_1.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c2/figure2_1.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 2.11. Changes in Capital Flows",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c2/figure2_11.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c2/figure2_11.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c2/figure2_11.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "figure2_3",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c2/figure2_3.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c2/figure2_3.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c2/figure2_3.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 2.4. Banking Regionalization in Asia",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c2/figure2_4.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c2/figure2_4.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c2/figure2_4.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 2.5. Trends in Latin America and Europe",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c2/figure2_5.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c2/figure2_5.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c2/figure2_5.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 2.7. Changes in Corporate Borrowing",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c2/figure2_7.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c2/figure2_7.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c2/figure2_7.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure2 8",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c2/figure2_8.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c2/figure2_8.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c2/figure2_8.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "figure2_9",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c2/figure2_9.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c2/figure2_9.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c2/figure2_9.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 3.2.2. Difference between NAV and ETF Share Price",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c3/boxfigure3_2.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c3/boxfigure3_2.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c3/boxfigure3_2.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 3.1.1. Investment Vehicles by Size, Domicile, and Investment Focus",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c3/figure3_1_1.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c3/figure3_1_1.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c3/figure3_1_1.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 3.1. Financial Intermediation by the Asset Management Industry Worldwide",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c3/figure3_1.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c3/figure3_1.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c3/figure3_1.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 3.10. Liquidity Risk and Fund Structures",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c3/figure3_10.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c3/figure3_10.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c3/figure3_10.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 3.14. Ownership Structure of the 25 Largest Global Asset Management Companies",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c3/figure3_14.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c3/figure3_14.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c3/figure3_14.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 3.15. Bank Financing by Mutual Funds and Money Market Funds",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c3/figure3_15.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c3/figure3_15.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c3/figure3_15.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 3.2. Products Offered by Asset Managers and Their Recent Growth",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c3/figure3_2.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c3/figure3_2.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c3/figure3_2.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 3.3. Key Domiciles of Mutual Funds",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c3/figure3_3.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c3/figure3_3.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c3/figure3_3.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 3.6. Growth in Bond Funds by Investment Focus",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c3/figure3_6.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c3/figure3_6.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c3/figure3_6.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 3.7. Bond Ownership Concentration and Its Effects on Credit Spreads",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c3/figure3_7.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c3/figure3_7.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c3/figure3_7.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 3.8. Drivers of Fund Flows from End Investors",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/c3/figure3_8.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c3/figure3_8.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/c3/figure3_8.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 1. Major Net Exporters and Importers of Capital in 2013",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/sa/sa_figure1.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/sa/sa_figure1.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/sa/sa_figure1.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 6. U.S. Corporate Bond Market",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/sa/sa_figure6.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/sa/sa_figure6.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/sa/sa_figure6.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 7. Euro Area Corporate Bond Market",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/sa/sa_figure7.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/sa/sa_figure7.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/sa/sa_figure7.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 8. U.S. Commercial Paper Market",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/sa/sa_figure8.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/sa/sa_figure8.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/sa/sa_figure8.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Table 1. Capital Market Size: Selected Indicators, 2013",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/sa/sa_table1.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/sa/sa_table1.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/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/2015/01/sa/sa_table10.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/sa/sa_table10.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/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/2015/01/sa/sa_table2.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/sa/sa_table2.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/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/2015/01/sa/sa_table3.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/sa/sa_table3.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/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/2015/01/sa/sa_table4.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/sa/sa_table4.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/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/2015/01/sa/sa_table5.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/sa/sa_table5.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/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/2015/01/sa/sa_table6.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/sa/sa_table6.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/sa/sa_table6.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Table 7. Emerging Market Private External Financing: Loans",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2015/01/sa/sa_table7.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/sa/sa_table7.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/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/2015/01/sa/sa_table8.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/sa/sa_table8.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/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/2015/01/sa/sa_table9.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2015/01/sa/sa_table9.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2015/01/sa/sa_table9.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "ملخص الفصلين: الصيرفة الدولية بعد الأزمة؛ وصناعة إدارة الأصول والاستقرار المالي",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/gfsr/2015/01/pdf/_suma.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/gfsr/2015/01/pdf/_suma.pdf.md",
        "mime": "text/markdown"
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      "title": "Figure1_8",
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      "title": "Figure1_9",
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    {
      "title": "ratioDistanceFigure 2.10",
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    {
      "title": "13Figure 2.1.1",
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      "title": "Figure 2.1.2",
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      "title": "Figure 2.1.3",
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    {
      "title": "Figure 2.14",
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    },
    {
      "title": "Figure 2.1",
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    {
      "title": "Figure 2.2.1",
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    {
      "title": "Figure 2.2.2",
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      "title": "Figure 2.2",
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      "title": "Figure 2.3.1",
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      "title": "Figure 2.3",
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      "title": "Figure 2.4",
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      "title": "Figure 2.5",
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      "title": "Figure 2.6",
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      "title": "Figure 2.7",
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      "title": "Figure 2.8",
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    {
      "title": "Figure2_9_V2",
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      "title": "Annex Figure 3.1.1",
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      "title": "Figure 3.10",
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      "title": "Figure 3.1",
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