## IMF Global Financial Stability Report: Navigating Monetary Policy Challenges and Managing Risks _Global Financial Stability Report, April 8, 2015_ ## Source details **Canonical URL:** [IMF Global Financial Stability Report: Navigating Monetary Policy Challenges and Managing Risks](https://www.imf.org/en/publications/gfsr/issues/2016/12/31/navigating-monetary-policy-challenges-and-managing-risks) ## Other formats - [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) ## Bibliographic details - Published: April 8, 2015 - Series: Global Financial Stability Report --- ### Publication details - April 2015 ### Major findings and risk assessment - Global financial stability risks have risen since October. - Risks are rotating: - away from banks to shadow banks; - from solvency to market liquidity risks; - from advanced economies to emerging markets. - In advanced economies, key challenges: - enhance the traction of accommodative monetary policies; - ensure a smooth normalization of monetary policy in the United States; - manage the undesirable side effects of low interest rates. - In emerging markets, key challenges: - address domestic financial vulnerabilities from weaker growth, lower commodity prices, and a stronger dollar; - strengthen resilience to the changing global environment. ### Chapter 1 — Enhancing policy traction and reducing risks (summary of substantive analysis) - 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: - The Oil Price Fallout—Spillovers and Implications for the Financial Sector (Box 1.1). - Russia’s Financial Risks and Potential Spillovers (Box 1.2). - 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). ### Chapter 2 — International banking after the crisis: increasingly local and safer? (substantive analysis) - Documents a shift from direct cross-border lending to local lending by foreign banks’ affiliates. - Identifies drivers of the decline in cross-border lending: - regulatory changes; - weaknesses in bank balance sheets; - macroeconomic factors. - Notes that the shift can positively affect host-country financial stability: - cross-border lending tends to compound adverse domestic and global shocks; - foreign-owned subsidiaries behave less procyclically than domestic banks during domestic crises. - Calls for more international cooperation to maximize benefits of international banking while mitigating risks. - Analytical emphases and empirical materials include: - The international expansion of Chinese and Japanese banks; - Expansion of pan-African banks; - Banking union developments in Europe; - Areas in need of regulatory and supervisory attention for global banks. - 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. ### Chapter 3 — The asset management industry and financial stability (substantive analysis) - Focuses on risks from the asset management industry, including “plain-vanilla” products such as mutual funds. - Identifies key risk mechanisms: - incentive problems created by delegated management that may lead to herding; - run risk stemming from liquidity mismatches between fund assets and investor redemption rights; - first-mover advantages created by fund share pricing rules. - 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. ### Policy recommendations and supervisory implications (synthesized from report text) - Advanced economies should: - enhance policy traction of accommodative monetary settings; - ensure smooth U.S. monetary policy normalization; - manage side effects of low interest rates, including portfolio rebalancing risks. - Emerging markets should: - address domestic vulnerabilities from weaker growth, lower commodity prices, and a stronger dollar; - strengthen resilience to changing global financial conditions. - International banking sector: - increase international cooperation to capture benefits of regionalized/localized banking while mitigating cross-border spillovers. - Asset management industry: - strengthen oversight and supervision of mutual funds and similar vehicles; - adopt microprudential measures focused on liquidity risk management and incentive structures; - adopt macroprudential approaches where industry-wide run and herding risks can affect system-wide stability. ### Key referenced empirical materials and analytical tools (selection) - 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). *IMF Global Financial Stability Report: Navigating Monetary Policy Challenges and Managing Risks — April 2015* --- ## Content in this bundle - **Annexfigure1 2 1** - [Annexfigure1 2 1 (Markdown version)](/external/pubs/ft/GFSR/2015/01/c1/annexfigure1_2_1.csv.md){rel="alternate" type="text/markdown"} - [Annexfigure1 2 1 (CSV)](/external/pubs/ft/GFSR/2015/01/c1/annexfigure1_2_1.csv){rel="external" type="application/octet-stream"} - **Annextable1 2 1** - [Annextable1 2 1 (Markdown version)](/external/pubs/ft/GFSR/2015/01/c1/annextable1_2_1.csv.md){rel="alternate" type="text/markdown"} - [Annextable1 2 1 (CSV)](/external/pubs/ft/GFSR/2015/01/c1/annextable1_2_1.csv){rel="external" type="application/octet-stream"} - **Annextable1 2 2** - [Annextable1 2 2 (Markdown version)](/external/pubs/ft/GFSR/2015/01/c1/annextable1_2_2.csv.md){rel="alternate" type="text/markdown"} - [Annextable1 2 2 (CSV)](/external/pubs/ft/GFSR/2015/01/c1/annextable1_2_2.csv){rel="external" type="application/octet-stream"} - **Table 1.2.3. Potential Portfolio Outflows by Japanese Institutional Investors, 2015�17** - [Table 1.2.3. Potential Portfolio Outflows by Japanese Institutional Investors, 2015�17 (Markdown version)](/external/pubs/ft/GFSR/2015/01/c1/annextable1_2_3.csv.md){rel="alternate" type="text/markdown"} - [Table 1.2.3. Potential Portfolio Outflows by Japanese Institutional Investors, 2015�17 (CSV)](/external/pubs/ft/GFSR/2015/01/c1/annextable1_2_3.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/2015/01/c1/figure1_1.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.1. Global Financial Stability Map (CSV)](/external/pubs/ft/GFSR/2015/01/c1/figure1_1.csv){rel="external" type="application/octet-stream"} - **Figure 1.10. Illustrative “Baseline” QE Portfolio Rebalancing Scenarios in Japan and the Euro Area** - [Figure 1.10. Illustrative “Baseline” QE Portfolio Rebalancing Scenarios in Japan and the Euro Area (Markdown version)](/external/pubs/ft/GFSR/2015/01/c1/figure1_10.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.10. Illustrative “Baseline” QE Portfolio Rebalancing Scenarios in Japan and the Euro Area (CSV)](/external/pubs/ft/GFSR/2015/01/c1/figure1_10.csv){rel="external" type="application/octet-stream"} - **Figure1 11** - [Figure1 11 (Markdown version)](/external/pubs/ft/GFSR/2015/01/c1/figure1_11.csv.md){rel="alternate" type="text/markdown"} - [Figure1 11 (CSV)](/external/pubs/ft/GFSR/2015/01/c1/figure1_11.csv){rel="external" type="application/octet-stream"} - **Figure 1.12. Bank Nonperforming Loans and Lending Conditions** - [Figure 1.12. Bank Nonperforming Loans and Lending Conditions (Markdown version)](/external/pubs/ft/GFSR/2015/01/c1/figure1_12.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.12. Bank Nonperforming Loans and Lending Conditions (CSV)](/external/pubs/ft/GFSR/2015/01/c1/figure1_12.csv){rel="external" type="application/octet-stream"} - **figure1_13** - [figure1_13 (Markdown version)](/external/pubs/ft/GFSR/2015/01/c1/figure1_13.csv.md){rel="alternate" type="text/markdown"} - [figure1_13 (CSV)](/external/pubs/ft/GFSR/2015/01/c1/figure1_13.csv){rel="external" type="application/octet-stream"} - **Figure 1.14. United States: Nonfinancial Corporations** - [Figure 1.14. United States: Nonfinancial Corporations (Markdown version)](/external/pubs/ft/GFSR/2015/01/c1/figure1_14.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.14. United States: Nonfinancial Corporations (CSV)](/external/pubs/ft/GFSR/2015/01/c1/figure1_14.csv){rel="external" type="application/octet-stream"} - **Figure 1.15. U.S. Credit Spreads, Firm Leverage, and Interest Coverage** - [Figure 1.15. U.S. Credit Spreads, Firm Leverage, and Interest Coverage (Markdown version)](/external/pubs/ft/GFSR/2015/01/c1/figure1_15.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.15. U.S. Credit Spreads, Firm Leverage, and Interest Coverage (CSV)](/external/pubs/ft/GFSR/2015/01/c1/figure1_15.csv){rel="external" type="application/octet-stream"} - **Figure 1.16. U.S. High-Yield Energy Markets** - [Figure 1.16. U.S. High-Yield Energy Markets (Markdown version)](/external/pubs/ft/GFSR/2015/01/c1/figure1_16.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.16. U.S. High-Yield Energy Markets (CSV)](/external/pubs/ft/GFSR/2015/01/c1/figure1_16.csv){rel="external" type="application/octet-stream"} - **Figure 1.17. U.S. Interest Rates and Term Premiums** - [Figure 1.17. U.S. Interest Rates and Term Premiums (Markdown version)](/external/pubs/ft/GFSR/2015/01/c1/figure1_17.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.17. U.S. Interest Rates and Term Premiums (CSV)](/external/pubs/ft/GFSR/2015/01/c1/figure1_17.csv){rel="external" type="application/octet-stream"} - **Figure 1.2. Global Financial Stability Map: Components of Risks and Conditions** - [Figure 1.2. Global Financial Stability Map: Components of Risks and Conditions (Markdown version)](/external/pubs/ft/GFSR/2015/01/c1/figure1_2.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.2. Global Financial Stability Map: Components of Risks and Conditions (CSV)](/external/pubs/ft/GFSR/2015/01/c1/figure1_2.csv){rel="external" type="application/octet-stream"} - **Figure 1.20. Asset Comovements and Correlations Spillovers** - [Figure 1.20. Asset Comovements and Correlations Spillovers (Markdown version)](/external/pubs/ft/GFSR/2015/01/c1/figure1_20.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.20. Asset Comovements and Correlations Spillovers (CSV)](/external/pubs/ft/GFSR/2015/01/c1/figure1_20.csv){rel="external" type="application/octet-stream"} - **Figure 1.21. Wide Range in the Inflation Outlook of Emerging Market Economies** - [Figure 1.21. Wide Range in the Inflation Outlook of Emerging Market Economies (Markdown version)](/external/pubs/ft/GFSR/2015/01/c1/figure1_21.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.21. Wide Range in the Inflation Outlook of Emerging Market Economies (CSV)](/external/pubs/ft/GFSR/2015/01/c1/figure1_21.csv){rel="external" type="application/octet-stream"} - **Figure 1.22. China: Real Estate and Interest Rate Developments** - [Figure 1.22. China: Real Estate and Interest Rate Developments (Markdown version)](/external/pubs/ft/GFSR/2015/01/c1/figure1_22.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.22. China: Real Estate and Interest Rate Developments (CSV)](/external/pubs/ft/GFSR/2015/01/c1/figure1_22.csv){rel="external" type="application/octet-stream"} - **Figure 1.23. Emerging Market Nonfinancial Corporate Investment Continues to Shrink** - [Figure 1.23. Emerging Market Nonfinancial Corporate Investment Continues to Shrink (Markdown version)](/external/pubs/ft/GFSR/2015/01/c1/figure1_23.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.23. Emerging Market Nonfinancial Corporate Investment Continues to Shrink (CSV)](/external/pubs/ft/GFSR/2015/01/c1/figure1_23.csv){rel="external" type="application/octet-stream"} - **Figure1 24** - [Figure1 24 (Markdown version)](/external/pubs/ft/GFSR/2015/01/c1/figure1_24.csv.md){rel="alternate" type="text/markdown"} - [Figure1 24 (CSV)](/external/pubs/ft/GFSR/2015/01/c1/figure1_24.csv){rel="external" type="application/octet-stream"} - **Figure 1.25. Energy Corporate Sector Metrics** - [Figure 1.25. Energy Corporate Sector Metrics (Markdown version)](/external/pubs/ft/GFSR/2015/01/c1/figure1_25.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.25. Energy Corporate Sector Metrics (CSV)](/external/pubs/ft/GFSR/2015/01/c1/figure1_25.csv){rel="external" type="application/octet-stream"} - **Figure 1.26. Large Increase in Emerging Market Debt** - [Figure 1.26. Large Increase in Emerging Market Debt (Markdown version)](/external/pubs/ft/GFSR/2015/01/c1/figure1_26.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.26. Large Increase in Emerging Market Debt (CSV)](/external/pubs/ft/GFSR/2015/01/c1/figure1_26.csv){rel="external" type="application/octet-stream"} - **Figure 1.27. Firms in Countries with Large Currency Selloffs Also Had High Equity Volatility** - [Figure 1.27. Firms in Countries with Large Currency Selloffs Also Had High Equity Volatility (Markdown version)](/external/pubs/ft/GFSR/2015/01/c1/figure1_27.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.27. Firms in Countries with Large Currency Selloffs Also Had High Equity Volatility (CSV)](/external/pubs/ft/GFSR/2015/01/c1/figure1_27.csv){rel="external" type="application/octet-stream"} - **Figure 1.28. Financial Stability of Emerging Market Banks** - [Figure 1.28. Financial Stability of Emerging Market Banks (Markdown version)](/external/pubs/ft/GFSR/2015/01/c1/figure1_28.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.28. Financial Stability of Emerging Market Banks (CSV)](/external/pubs/ft/GFSR/2015/01/c1/figure1_28.csv){rel="external" type="application/octet-stream"} - **Figure 1.3. Global Disinflationary Forces** - [Figure 1.3. Global Disinflationary Forces (Markdown version)](/external/pubs/ft/GFSR/2015/01/c1/figure1_3.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.3. Global Disinflationary Forces (CSV)](/external/pubs/ft/GFSR/2015/01/c1/figure1_3.csv){rel="external" type="application/octet-stream"} - **figure1_4** - [figure1_4 (Markdown version)](/external/pubs/ft/GFSR/2015/01/c1/figure1_4.csv.md){rel="alternate" type="text/markdown"} - [figure1_4 (CSV)](/external/pubs/ft/GFSR/2015/01/c1/figure1_4.csv){rel="external" type="application/octet-stream"} - **Figure 1.6. Private Nonfinancial Sector Gross Debt** - [Figure 1.6. Private Nonfinancial Sector Gross Debt (Markdown version)](/external/pubs/ft/GFSR/2015/01/c1/figure1_6.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.6. Private Nonfinancial Sector Gross Debt (CSV)](/external/pubs/ft/GFSR/2015/01/c1/figure1_6.csv){rel="external" type="application/octet-stream"} - **Figure 1.7. Episodes of Private Sector Deleveraging in Selected Advanced Economies** - [Figure 1.7. Episodes of Private Sector Deleveraging in Selected Advanced Economies (Markdown version)](/external/pubs/ft/GFSR/2015/01/c1/figure1_7.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.7. Episodes of Private Sector Deleveraging in Selected Advanced Economies (CSV)](/external/pubs/ft/GFSR/2015/01/c1/figure1_7.csv){rel="external" type="application/octet-stream"} - **Figure 1.8. Insolvency Frameworks and Macroeconomic Deleveraging** - [Figure 1.8. Insolvency Frameworks and Macroeconomic Deleveraging (Markdown version)](/external/pubs/ft/GFSR/2015/01/c1/figure1_8.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.8. Insolvency Frameworks and Macroeconomic Deleveraging (CSV)](/external/pubs/ft/GFSR/2015/01/c1/figure1_8.csv){rel="external" type="application/octet-stream"} - **Table 1.1. Household Debt in the Euro Area, Japan, the United Kingdom, and the United States** - [Table 1.1. Household Debt in the Euro Area, Japan, the United Kingdom, and the United States (Markdown version)](/external/pubs/ft/GFSR/2015/01/c1/table1_1.csv.md){rel="alternate" type="text/markdown"} - [Table 1.1. Household Debt in the Euro Area, Japan, the United Kingdom, and the United States (CSV)](/external/pubs/ft/GFSR/2015/01/c1/table1_1.csv){rel="external" type="application/octet-stream"} - **Table 1.2. Corporate 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 (Markdown version)](/external/pubs/ft/GFSR/2015/01/c1/table1_2.csv.md){rel="alternate" type="text/markdown"} - [Table 1.2. Corporate Debt in the Euro Area, Japan, the United Kingdom, and the United States (CSV)](/external/pubs/ft/GFSR/2015/01/c1/table1_2.csv){rel="external" type="application/octet-stream"} - **Table 1.4. Energy�s Impact on Two Barclays Corporate Credit Indices** - [Table 1.4. Energy�s Impact on Two Barclays Corporate Credit Indices (Markdown version)](/external/pubs/ft/GFSR/2015/01/c1/table1_4.csv.md){rel="alternate" type="text/markdown"} - [Table 1.4. Energy�s Impact on Two Barclays Corporate Credit Indices (CSV)](/external/pubs/ft/GFSR/2015/01/c1/table1_4.csv){rel="external" type="application/octet-stream"} - **Table 1.5. Summary of Sovereign, Corporate, and Banking Indicators** - [Table 1.5. Summary of Sovereign, Corporate, and Banking Indicators (Markdown version)](/external/pubs/ft/GFSR/2015/01/c1/table1_5.csv.md){rel="alternate" type="text/markdown"} - [Table 1.5. Summary of Sovereign, Corporate, and Banking Indicators (CSV)](/external/pubs/ft/GFSR/2015/01/c1/table1_5.csv){rel="external" type="application/octet-stream"} - **boxfigure2_1 — Dataset overview** - [boxfigure2_1 — Dataset overview (Markdown version)](/external/pubs/ft/GFSR/2015/01/c2/boxfigure2_1.csv.md){rel="alternate" type="text/markdown"} - [boxfigure2_1 — Dataset overview (CSV)](/external/pubs/ft/GFSR/2015/01/c2/boxfigure2_1.csv){rel="external" type="application/octet-stream"} - **Figure 2.2.1. Major Pan-African Banks: Cross-Border Expansion, 2002�14** - [Figure 2.2.1. Major Pan-African Banks: Cross-Border Expansion, 2002�14 (Markdown version)](/external/pubs/ft/GFSR/2015/01/c2/boxfigure2_2.csv.md){rel="alternate" type="text/markdown"} - [Figure 2.2.1. Major Pan-African Banks: Cross-Border Expansion, 2002�14 (CSV)](/external/pubs/ft/GFSR/2015/01/c2/boxfigure2_2.csv){rel="external" type="application/octet-stream"} - **Figure 2.3.1. Sovereign Bond and Corporate Lending Rates in the Euro Area** - [Figure 2.3.1. Sovereign Bond and Corporate Lending Rates in the Euro Area (Markdown version)](/external/pubs/ft/GFSR/2015/01/c2/boxfigure2_3.csv.md){rel="alternate" type="text/markdown"} - [Figure 2.3.1. Sovereign Bond and Corporate Lending Rates in the Euro Area (CSV)](/external/pubs/ft/GFSR/2015/01/c2/boxfigure2_3.csv){rel="external" type="application/octet-stream"} - **Figure 2.1. Developments in Foreign Banking Claims** - [Figure 2.1. Developments in Foreign Banking Claims (Markdown version)](/external/pubs/ft/GFSR/2015/01/c2/figure2_1.csv.md){rel="alternate" type="text/markdown"} - [Figure 2.1. Developments in Foreign Banking Claims (CSV)](/external/pubs/ft/GFSR/2015/01/c2/figure2_1.csv){rel="external" type="application/octet-stream"} - **Figure 2.11. Changes in Capital Flows** - [Figure 2.11. Changes in Capital Flows (Markdown version)](/external/pubs/ft/GFSR/2015/01/c2/figure2_11.csv.md){rel="alternate" type="text/markdown"} - [Figure 2.11. Changes in Capital Flows (CSV)](/external/pubs/ft/GFSR/2015/01/c2/figure2_11.csv){rel="external" type="application/octet-stream"} - **figure2_3** - [figure2_3 (Markdown version)](/external/pubs/ft/GFSR/2015/01/c2/figure2_3.csv.md){rel="alternate" type="text/markdown"} - [figure2_3 (CSV)](/external/pubs/ft/GFSR/2015/01/c2/figure2_3.csv){rel="external" type="application/octet-stream"} - **Figure 2.4. Banking Regionalization in Asia** - [Figure 2.4. Banking Regionalization in Asia (Markdown version)](/external/pubs/ft/GFSR/2015/01/c2/figure2_4.csv.md){rel="alternate" type="text/markdown"} - [Figure 2.4. Banking Regionalization in Asia (CSV)](/external/pubs/ft/GFSR/2015/01/c2/figure2_4.csv){rel="external" type="application/octet-stream"} - **Figure 2.5. Trends in Latin America and Europe** - [Figure 2.5. Trends in Latin America and Europe (Markdown version)](/external/pubs/ft/GFSR/2015/01/c2/figure2_5.csv.md){rel="alternate" type="text/markdown"} - [Figure 2.5. Trends in Latin America and Europe (CSV)](/external/pubs/ft/GFSR/2015/01/c2/figure2_5.csv){rel="external" type="application/octet-stream"} - **Figure 2.7. Changes in Corporate Borrowing** - [Figure 2.7. Changes in Corporate Borrowing (Markdown version)](/external/pubs/ft/GFSR/2015/01/c2/figure2_7.csv.md){rel="alternate" type="text/markdown"} - [Figure 2.7. Changes in Corporate Borrowing (CSV)](/external/pubs/ft/GFSR/2015/01/c2/figure2_7.csv){rel="external" type="application/octet-stream"} - **Figure2 8** - [Figure2 8 (Markdown version)](/external/pubs/ft/GFSR/2015/01/c2/figure2_8.csv.md){rel="alternate" type="text/markdown"} - [Figure2 8 (CSV)](/external/pubs/ft/GFSR/2015/01/c2/figure2_8.csv){rel="external" type="application/octet-stream"} - **figure2_9** - [figure2_9 (Markdown version)](/external/pubs/ft/GFSR/2015/01/c2/figure2_9.csv.md){rel="alternate" type="text/markdown"} - [figure2_9 (CSV)](/external/pubs/ft/GFSR/2015/01/c2/figure2_9.csv){rel="external" type="application/octet-stream"} - **Figure 3.2.2. Difference between NAV and ETF Share Price** - [Figure 3.2.2. Difference between NAV and ETF Share Price (Markdown version)](/external/pubs/ft/GFSR/2015/01/c3/boxfigure3_2.csv.md){rel="alternate" type="text/markdown"} - [Figure 3.2.2. Difference between NAV and ETF Share Price (CSV)](/external/pubs/ft/GFSR/2015/01/c3/boxfigure3_2.csv){rel="external" type="application/octet-stream"} - **Figure 3.1.1. Investment Vehicles by Size, Domicile, and Investment Focus** - [Figure 3.1.1. Investment Vehicles by Size, Domicile, and Investment Focus (Markdown version)](/external/pubs/ft/GFSR/2015/01/c3/figure3_1_1.csv.md){rel="alternate" type="text/markdown"} - [Figure 3.1.1. Investment Vehicles by Size, Domicile, and Investment Focus (CSV)](/external/pubs/ft/GFSR/2015/01/c3/figure3_1_1.csv){rel="external" type="application/octet-stream"} - **Figure 3.1. Financial Intermediation by the Asset Management Industry Worldwide** - [Figure 3.1. Financial Intermediation by the Asset Management Industry Worldwide (Markdown version)](/external/pubs/ft/GFSR/2015/01/c3/figure3_1.csv.md){rel="alternate" type="text/markdown"} - [Figure 3.1. Financial Intermediation by the Asset Management Industry Worldwide (CSV)](/external/pubs/ft/GFSR/2015/01/c3/figure3_1.csv){rel="external" type="application/octet-stream"} - **Figure 3.10. Liquidity Risk and Fund Structures** - [Figure 3.10. Liquidity Risk and Fund Structures (Markdown version)](/external/pubs/ft/GFSR/2015/01/c3/figure3_10.csv.md){rel="alternate" type="text/markdown"} - [Figure 3.10. Liquidity Risk and Fund Structures (CSV)](/external/pubs/ft/GFSR/2015/01/c3/figure3_10.csv){rel="external" type="application/octet-stream"} - **Figure 3.14. Ownership Structure of the 25 Largest Global Asset Management Companies** - [Figure 3.14. Ownership Structure of the 25 Largest Global Asset Management Companies (Markdown version)](/external/pubs/ft/GFSR/2015/01/c3/figure3_14.csv.md){rel="alternate" type="text/markdown"} - [Figure 3.14. Ownership Structure of the 25 Largest Global Asset Management Companies (CSV)](/external/pubs/ft/GFSR/2015/01/c3/figure3_14.csv){rel="external" type="application/octet-stream"} - **Figure 3.15. Bank Financing by Mutual Funds and Money Market Funds** - [Figure 3.15. Bank Financing by Mutual Funds and Money Market Funds (Markdown version)](/external/pubs/ft/GFSR/2015/01/c3/figure3_15.csv.md){rel="alternate" type="text/markdown"} - [Figure 3.15. Bank Financing by Mutual Funds and Money Market Funds (CSV)](/external/pubs/ft/GFSR/2015/01/c3/figure3_15.csv){rel="external" type="application/octet-stream"} - **Figure 3.2. Products Offered by Asset Managers and Their Recent Growth** - [Figure 3.2. Products Offered by Asset Managers and Their Recent Growth (Markdown version)](/external/pubs/ft/GFSR/2015/01/c3/figure3_2.csv.md){rel="alternate" type="text/markdown"} - [Figure 3.2. Products Offered by Asset Managers and Their Recent Growth (CSV)](/external/pubs/ft/GFSR/2015/01/c3/figure3_2.csv){rel="external" type="application/octet-stream"} - **Figure 3.3. Key Domiciles of Mutual Funds** - [Figure 3.3. Key Domiciles of Mutual Funds (Markdown version)](/external/pubs/ft/GFSR/2015/01/c3/figure3_3.csv.md){rel="alternate" type="text/markdown"} - [Figure 3.3. Key Domiciles of Mutual Funds (CSV)](/external/pubs/ft/GFSR/2015/01/c3/figure3_3.csv){rel="external" type="application/octet-stream"} - **Figure 3.6. Growth in Bond Funds by Investment Focus** - [Figure 3.6. Growth in Bond Funds by Investment Focus (Markdown version)](/external/pubs/ft/GFSR/2015/01/c3/figure3_6.csv.md){rel="alternate" type="text/markdown"} - [Figure 3.6. Growth in Bond Funds by Investment Focus (CSV)](/external/pubs/ft/GFSR/2015/01/c3/figure3_6.csv){rel="external" type="application/octet-stream"} - **Figure 3.7. Bond Ownership Concentration and Its Effects on Credit Spreads** - [Figure 3.7. Bond Ownership Concentration and Its Effects on Credit Spreads (Markdown version)](/external/pubs/ft/GFSR/2015/01/c3/figure3_7.csv.md){rel="alternate" type="text/markdown"} - [Figure 3.7. Bond Ownership Concentration and Its Effects on Credit Spreads (CSV)](/external/pubs/ft/GFSR/2015/01/c3/figure3_7.csv){rel="external" type="application/octet-stream"} - **Figure 3.8. Drivers of Fund Flows from End Investors** - [Figure 3.8. Drivers of Fund Flows from End Investors (Markdown version)](/external/pubs/ft/GFSR/2015/01/c3/figure3_8.csv.md){rel="alternate" type="text/markdown"} - [Figure 3.8. Drivers of Fund Flows from End Investors (CSV)](/external/pubs/ft/GFSR/2015/01/c3/figure3_8.csv){rel="external" type="application/octet-stream"} - **Figure 1. Major Net Exporters and Importers of Capital in 2013** - [Figure 1. Major Net Exporters and Importers of Capital in 2013 (Markdown version)](/external/pubs/ft/GFSR/2015/01/sa/sa_figure1.csv.md){rel="alternate" type="text/markdown"} - [Figure 1. Major Net Exporters and Importers of Capital in 2013 (CSV)](/external/pubs/ft/GFSR/2015/01/sa/sa_figure1.csv){rel="external" type="application/octet-stream"} - **Figure 6. U.S. Corporate Bond Market** - [Figure 6. U.S. Corporate Bond Market (Markdown version)](/external/pubs/ft/GFSR/2015/01/sa/sa_figure6.csv.md){rel="alternate" type="text/markdown"} - [Figure 6. U.S. Corporate Bond Market (CSV)](/external/pubs/ft/GFSR/2015/01/sa/sa_figure6.csv){rel="external" type="application/octet-stream"} - **Figure 7. Euro Area Corporate Bond Market** - [Figure 7. Euro Area Corporate Bond Market (Markdown version)](/external/pubs/ft/GFSR/2015/01/sa/sa_figure7.csv.md){rel="alternate" type="text/markdown"} - [Figure 7. Euro Area Corporate Bond Market (CSV)](/external/pubs/ft/GFSR/2015/01/sa/sa_figure7.csv){rel="external" type="application/octet-stream"} - **Figure 8. U.S. Commercial Paper Market** - [Figure 8. U.S. Commercial Paper Market (Markdown version)](/external/pubs/ft/GFSR/2015/01/sa/sa_figure8.csv.md){rel="alternate" type="text/markdown"} - [Figure 8. U.S. Commercial Paper Market (CSV)](/external/pubs/ft/GFSR/2015/01/sa/sa_figure8.csv){rel="external" type="application/octet-stream"} - **Table 1. Capital Market Size: Selected Indicators, 2013** - [Table 1. Capital Market Size: Selected Indicators, 2013 (Markdown version)](/external/pubs/ft/GFSR/2015/01/sa/sa_table1.csv.md){rel="alternate" type="text/markdown"} - [Table 1. Capital Market Size: Selected Indicators, 2013 (CSV)](/external/pubs/ft/GFSR/2015/01/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/2015/01/sa/sa_table10.csv.md){rel="alternate" type="text/markdown"} - [Table 10. Emerging Markets: Mutual Funds (CSV)](/external/pubs/ft/GFSR/2015/01/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/2015/01/sa/sa_table2.csv.md){rel="alternate" type="text/markdown"} - [Table 2. MSCI Equity Market Indices (CSV)](/external/pubs/ft/GFSR/2015/01/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/2015/01/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/2015/01/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/2015/01/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/2015/01/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/2015/01/sa/sa_table5.csv.md){rel="alternate" type="text/markdown"} - [Table 5. Emerging Market Private External Financing: Bonds (CSV)](/external/pubs/ft/GFSR/2015/01/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/2015/01/sa/sa_table6.csv.md){rel="alternate" type="text/markdown"} - [Table 6. Emerging Market Private External Financing: Equity (CSV)](/external/pubs/ft/GFSR/2015/01/sa/sa_table6.csv){rel="external" type="application/octet-stream"} - **Table 7. Emerging Market Private External Financing: Loans** - [Table 7. Emerging Market Private External Financing: Loans (Markdown version)](/external/pubs/ft/GFSR/2015/01/sa/sa_table7.csv.md){rel="alternate" type="text/markdown"} - [Table 7. Emerging Market Private External Financing: Loans (CSV)](/external/pubs/ft/GFSR/2015/01/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/2015/01/sa/sa_table8.csv.md){rel="alternate" type="text/markdown"} - [Table 8. Equity Valuation Measures: Dividend-Yield Ratios (CSV)](/external/pubs/ft/GFSR/2015/01/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/2015/01/sa/sa_table9.csv.md){rel="alternate" type="text/markdown"} - [Table 9. Equity Valuation Measures: Price/Earnings Ratios (CSV)](/external/pubs/ft/GFSR/2015/01/sa/sa_table9.csv){rel="external" type="application/octet-stream"} - **ملخص الفصلين: الصيرفة الدولية بعد الأزمة؛ وصناعة إدارة الأصول والاستقرار المالي** - [ملخص الفصلين: الصيرفة الدولية بعد الأزمة؛ وصناعة إدارة الأصول والاستقرار المالي (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/gfsr/2015/01/pdf/_suma.pdf.md){rel="alternate" type="text/markdown"} - [ملخص الفصلين: الصيرفة الدولية بعد الأزمة؛ وصناعة إدارة الأصول والاستقرار المالي (PDF)](/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/gfsr/2015/01/pdf/_suma.pdf){rel="external" type="application/pdf"} - **ملخص واف لتقرير الاستقرار المالي العالمي - إبريل 2015** - [ملخص واف لتقرير الاستقرار المالي العالمي - إبريل 2015 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/gfsr/2015/01/pdf/execsuma.pdf.md){rel="alternate" type="text/markdown"} - [ملخص واف لتقرير الاستقرار المالي العالمي - إبريل 2015 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/gfsr/2015/01/pdf/execsuma.pdf){rel="external" type="application/pdf"} - **Normal** - [Normal (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/survey/so/2015/_pol040815aa.pdf.md){rel="alternate" type="text/markdown"} - [Normal (PDF)](/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/survey/so/2015/_pol040815aa.pdf){rel="external" type="application/pdf"} - **نشرة صندوق النقد الدولي** - [نشرة صندوق النقد الدولي (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/survey/so/2015/_pol040815ba.pdf.md){rel="alternate" type="text/markdown"} - [نشرة صندوق النقد الدولي (PDF)](/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/survey/so/2015/_pol040815ba.pdf){rel="external" type="application/pdf"} - **تقرير الاستق ا رر المالي العالمي: المخاطر المالية تزداد وتنتقل** - [تقرير الاستق ا رر المالي العالمي: المخاطر المالية تزداد وتنتقل (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/survey/so/2015/_pol041515aa.pdf.md){rel="alternate" type="text/markdown"} - [تقرير الاستق ا رر المالي العالمي: المخاطر المالية تزداد وتنتقل (PDF)](/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/survey/so/2015/_pol041515aa.pdf){rel="external" type="application/pdf"} - **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》第二、三章摘要 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/gfsr/2015/01/pdf/_sumc.pdf.md){rel="alternate" type="text/markdown"} - [2015年4月《全球金融稳定报告》第二、三章摘要 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/gfsr/2015/01/pdf/_sumc.pdf){rel="external" type="application/pdf"} - **2015年4月《全球金融稳定报告》概要** - [2015年4月《全球金融稳定报告》概要 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/gfsr/2015/01/pdf/execsumc.pdf.md){rel="alternate" type="text/markdown"} - [2015年4月《全球金融稳定报告》概要 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/gfsr/2015/01/pdf/execsumc.pdf){rel="external" type="application/pdf"} - **Rapport sur la stabilité financière dans le monde; April 2015 -- Synthèse des chapitres 2 et 3** - [Rapport sur la stabilité financière dans le monde; April 2015 -- Synthèse des chapitres 2 et 3 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/gfsr/2015/01/pdf/_sumf.pdf.md){rel="alternate" type="text/markdown"} - [Rapport sur la stabilité financière dans le monde; April 2015 -- Synthèse des chapitres 2 et 3 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/gfsr/2015/01/pdf/_sumf.pdf){rel="external" type="application/pdf"} - **Rapport sur la stabilité financière dans le monde : résumé analytique; Avril 2015** - [Rapport sur la stabilité financière dans le monde : résumé analytique; Avril 2015 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/gfsr/2015/01/pdf/execsumf.pdf.md){rel="alternate" type="text/markdown"} - [Rapport sur la stabilité financière dans le monde : résumé analytique; Avril 2015 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/gfsr/2015/01/pdf/execsumf.pdf){rel="external" type="application/pdf"} - **国際金融安定性報告書** - [国際金融安定性報告書 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/japanese/pubs/ft/gfsr/2015/01/pdf/_sumj.pdf.md){rel="alternate" type="text/markdown"} - [国際金融安定性報告書 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/japanese/pubs/ft/gfsr/2015/01/pdf/_sumj.pdf){rel="external" type="application/pdf"} - **国際金融安定性報告書（GFSR), 2015年4月: 要旨** - [国際金融安定性報告書（GFSR), 2015年4月: 要旨 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/japanese/pubs/ft/gfsr/2015/01/pdf/execsumj.pdf.md){rel="alternate" type="text/markdown"} - [国際金融安定性報告書（GFSR), 2015年4月: 要旨 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/japanese/pubs/ft/gfsr/2015/01/pdf/execsumj.pdf){rel="external" type="application/pdf"} - **AnnexFigure1_2_1** - [AnnexFigure1_2_1 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_annexfigure121pdf.pdf.md){rel="alternate" type="text/markdown"} - [AnnexFigure1_2_1 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_annexfigure121pdf.pdf){rel="external" type="application/pdf"} - **Figure1_10** - [Figure1_10 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure110pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure1_10 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure110pdf.pdf){rel="external" type="application/pdf"} - **Figure1_1_1** - [Figure1_1_1 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure111pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure1_1_1 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure111pdf.pdf){rel="external" type="application/pdf"} - **Figure1_12c** - [Figure1_12c (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure112cpdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure1_12c (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure112cpdf.pdf){rel="external" type="application/pdf"} - **Figure1_12** - [Figure1_12 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure112pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure1_12 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure112pdf.pdf){rel="external" type="application/pdf"} - **Figure1_13** - [Figure1_13 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure113pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure1_13 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure113pdf.pdf){rel="external" type="application/pdf"} - **Figure1_14** - [Figure1_14 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure114pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure1_14 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure114pdf.pdf){rel="external" type="application/pdf"} - **Figure1_15** - [Figure1_15 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure115pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure1_15 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure115pdf.pdf){rel="external" type="application/pdf"} - **Figure1_16** - [Figure1_16 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure116pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure1_16 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure116pdf.pdf){rel="external" type="application/pdf"} - **Figure1_17** - [Figure1_17 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure117pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure1_17 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure117pdf.pdf){rel="external" type="application/pdf"} - **Figure1_18** - [Figure1_18 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure118pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure1_18 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure118pdf.pdf){rel="external" type="application/pdf"} - **Figure1_19** - [Figure1_19 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure119pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure1_19 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure119pdf.pdf){rel="external" type="application/pdf"} - **Figure1_1** - [Figure1_1 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure11pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure1_1 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure11pdf.pdf){rel="external" type="application/pdf"} - **Figure1_20** - [Figure1_20 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure120pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure1_20 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure120pdf.pdf){rel="external" type="application/pdf"} - **Figure1_2_1** - [Figure1_2_1 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure121pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure1_2_1 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure121pdf.pdf){rel="external" type="application/pdf"} - **Figure1_2_2** - [Figure1_2_2 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure122pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure1_2_2 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure122pdf.pdf){rel="external" type="application/pdf"} - **Figure1_2_3** - [Figure1_2_3 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure123pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure1_2_3 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure123pdf.pdf){rel="external" type="application/pdf"} - **Figure1_24** - [Figure1_24 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure124pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure1_24 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure124pdf.pdf){rel="external" type="application/pdf"} - **Figure1_25** - [Figure1_25 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure125pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure1_25 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure125pdf.pdf){rel="external" type="application/pdf"} - **Figure1_26** - [Figure1_26 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure126pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure1_26 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure126pdf.pdf){rel="external" type="application/pdf"} - **Figure1_27** - [Figure1_27 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure127pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure1_27 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure127pdf.pdf){rel="external" type="application/pdf"} - **Figure1_28** - [Figure1_28 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure128pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure1_28 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure128pdf.pdf){rel="external" type="application/pdf"} - **Figure1_2** - [Figure1_2 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure12pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure1_2 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure12pdf.pdf){rel="external" type="application/pdf"} - **Figure1_3** - [Figure1_3 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure13pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure1_3 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure13pdf.pdf){rel="external" type="application/pdf"} - **Figure1_4** - [Figure1_4 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure14pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure1_4 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure14pdf.pdf){rel="external" type="application/pdf"} - **Figure1_5** - [Figure1_5 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure15pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure1_5 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure15pdf.pdf){rel="external" type="application/pdf"} - **Figure1_6** - [Figure1_6 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure16pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure1_6 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure16pdf.pdf){rel="external" type="application/pdf"} - **Figure1_7** - [Figure1_7 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure17pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure1_7 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure17pdf.pdf){rel="external" type="application/pdf"} - **Figure1_8** - [Figure1_8 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure18pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure1_8 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure18pdf.pdf){rel="external" type="application/pdf"} - **Figure1_9** - [Figure1_9 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure19pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure1_9 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c1/_figure19pdf.pdf){rel="external" type="application/pdf"} - **ratioDistanceFigure 2.10** - [ratioDistanceFigure 2.10 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c2/_figure210pdf.pdf.md){rel="alternate" type="text/markdown"} - [ratioDistanceFigure 2.10 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c2/_figure210pdf.pdf){rel="external" type="application/pdf"} - **13Figure 2.1.1** - [13Figure 2.1.1 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c2/_figure211pdf.pdf.md){rel="alternate" type="text/markdown"} - [13Figure 2.1.1 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c2/_figure211pdf.pdf){rel="external" type="application/pdf"} - **Figure 2.1.2** - [Figure 2.1.2 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c2/_figure212pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure 2.1.2 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c2/_figure212pdf.pdf){rel="external" type="application/pdf"} - **Figure 2.1.3** - [Figure 2.1.3 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c2/_figure213pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure 2.1.3 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c2/_figure213pdf.pdf){rel="external" type="application/pdf"} - **Figure 2.14** - [Figure 2.14 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c2/_figure214pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure 2.14 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c2/_figure214pdf.pdf){rel="external" type="application/pdf"} - **Figure 2.1** - [Figure 2.1 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c2/_figure21pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure 2.1 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c2/_figure21pdf.pdf){rel="external" type="application/pdf"} - **Figure 2.2.1** - [Figure 2.2.1 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c2/_figure221pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure 2.2.1 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c2/_figure221pdf.pdf){rel="external" type="application/pdf"} - **Figure 2.2.2** - [Figure 2.2.2 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c2/_figure222pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure 2.2.2 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c2/_figure222pdf.pdf){rel="external" type="application/pdf"} - **Figure 2.2** - [Figure 2.2 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c2/_figure22pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure 2.2 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c2/_figure22pdf.pdf){rel="external" type="application/pdf"} - **Figure 2.3.1** - [Figure 2.3.1 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c2/_figure231pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure 2.3.1 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c2/_figure231pdf.pdf){rel="external" type="application/pdf"} - **Figure 2.3** - [Figure 2.3 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c2/_figure23pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure 2.3 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c2/_figure23pdf.pdf){rel="external" type="application/pdf"} - **Figure 2.4** - [Figure 2.4 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c2/_figure24pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure 2.4 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c2/_figure24pdf.pdf){rel="external" type="application/pdf"} - **Figure 2.5** - [Figure 2.5 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c2/_figure25pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure 2.5 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c2/_figure25pdf.pdf){rel="external" type="application/pdf"} - **Figure 2.6** - [Figure 2.6 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c2/_figure26pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure 2.6 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c2/_figure26pdf.pdf){rel="external" type="application/pdf"} - **Figure 2.7** - [Figure 2.7 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c2/_figure27pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure 2.7 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c2/_figure27pdf.pdf){rel="external" type="application/pdf"} - **Figure 2.8** - [Figure 2.8 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c2/_figure28pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure 2.8 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c2/_figure28pdf.pdf){rel="external" type="application/pdf"} - **Figure2_9_V2** - [Figure2_9_V2 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c2/_figure29v2pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure2_9_V2 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c2/_figure29v2pdf.pdf){rel="external" type="application/pdf"} - **Annex Figure 3.1.1** - [Annex Figure 3.1.1 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_annexfigure311cpdf.pdf.md){rel="alternate" type="text/markdown"} - [Annex Figure 3.1.1 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_annexfigure311cpdf.pdf){rel="external" type="application/pdf"} - **Annex Figure 3.1.1** - [Annex Figure 3.1.1 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_annexfigure311pdf.pdf.md){rel="alternate" type="text/markdown"} - [Annex Figure 3.1.1 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_annexfigure311pdf.pdf){rel="external" type="application/pdf"} - **Annex Figure 3.1.2** - [Annex Figure 3.1.2 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_annexfigure312pdf.pdf.md){rel="alternate" type="text/markdown"} - [Annex Figure 3.1.2 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_annexfigure312pdf.pdf){rel="external" type="application/pdf"} - **Annex Figure 3.2.1** - [Annex Figure 3.2.1 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_annexfigure321pdf.pdf.md){rel="alternate" type="text/markdown"} - [Annex Figure 3.2.1 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_annexfigure321pdf.pdf){rel="external" type="application/pdf"} - **Figure 3.10** - [Figure 3.10 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_figure310pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure 3.10 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_figure310pdf.pdf){rel="external" type="application/pdf"} - **Figure 3.11** - [Figure 3.11 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_figure311pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure 3.11 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_figure311pdf.pdf){rel="external" type="application/pdf"} - **feeFigure 3.12** - [feeFigure 3.12 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_figure312pdf.pdf.md){rel="alternate" type="text/markdown"} - [feeFigure 3.12 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_figure312pdf.pdf){rel="external" type="application/pdf"} - **Figure 3.13** - [Figure 3.13 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_figure313pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure 3.13 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_figure313pdf.pdf){rel="external" type="application/pdf"} - **Figure 3.14** - [Figure 3.14 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_figure314pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure 3.14 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_figure314pdf.pdf){rel="external" type="application/pdf"} - **Figure 3.15** - [Figure 3.15 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_figure315pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure 3.15 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_figure315pdf.pdf){rel="external" type="application/pdf"} - **Figure 3.16** - [Figure 3.16 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_figure316pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure 3.16 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_figure316pdf.pdf){rel="external" type="application/pdf"} - **Figure 3.1** - [Figure 3.1 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_figure31pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure 3.1 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_figure31pdf.pdf){rel="external" type="application/pdf"} - **Figure 3.2.1** - [Figure 3.2.1 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_figure321pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure 3.2.1 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_figure321pdf.pdf){rel="external" type="application/pdf"} - **Figure 3.2.2** - [Figure 3.2.2 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_figure322pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure 3.2.2 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_figure322pdf.pdf){rel="external" type="application/pdf"} - **Figure 3.2** - [Figure 3.2 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_figure32pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure 3.2 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_figure32pdf.pdf){rel="external" type="application/pdf"} - **Figure 3.3** - [Figure 3.3 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_figure33pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure 3.3 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_figure33pdf.pdf){rel="external" type="application/pdf"} - **Figure 3.4** - [Figure 3.4 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_figure34pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure 3.4 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_figure34pdf.pdf){rel="external" type="application/pdf"} - **Figure 3.5** - [Figure 3.5 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_figure35pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure 3.5 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_figure35pdf.pdf){rel="external" type="application/pdf"} - **Figure 3.6** - [Figure 3.6 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_figure36pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure 3.6 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_figure36pdf.pdf){rel="external" type="application/pdf"} - **Figure 3.7** - [Figure 3.7 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_figure37pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure 3.7 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_figure37pdf.pdf){rel="external" type="application/pdf"} - **Figure 3.8** - [Figure 3.8 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_figure38pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure 3.8 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_figure38pdf.pdf){rel="external" type="application/pdf"} - **Figure 3.9** - [Figure 3.9 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_figure39pdf.pdf.md){rel="alternate" type="text/markdown"} - [Figure 3.9 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/c3/_figure39pdf.pdf){rel="external" type="application/pdf"} - **CHAPTER 1 EnhancIng polIcy tractIon and rEducIng rIsks** - [CHAPTER 1 EnhancIng polIcy tractIon and rEducIng rIsks (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/pdf/_c1pdf.pdf.md){rel="alternate" type="text/markdown"} - [CHAPTER 1 EnhancIng polIcy tractIon and rEducIng rIsks (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/pdf/_c1pdf.pdf){rel="external" type="application/pdf"} - **GFSR April 2015: Chapter 2 - International Banking After The Crisis:Increasingly Local And Safer?** - [GFSR April 2015: Chapter 2 - International Banking After The Crisis:Increasingly Local And Safer? (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/pdf/_c2pdf.pdf.md){rel="alternate" type="text/markdown"} - [GFSR April 2015: Chapter 2 - International Banking After The Crisis:Increasingly Local And Safer? (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/pdf/_c2pdf.pdf){rel="external" type="application/pdf"} - **GFSR April 2015: Chapter 3 - The Asset Management Industry And Financial Stability** - [GFSR April 2015: Chapter 3 - The Asset Management Industry And Financial Stability (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/pdf/_c3pdf.pdf.md){rel="alternate" type="text/markdown"} - [GFSR April 2015: Chapter 3 - The Asset Management Industry And Financial Stability (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/pdf/_c3pdf.pdf){rel="external" type="application/pdf"} - **April 2015 Global Financial Stability Report- Executive Summary** - [April 2015 Global Financial Stability Report- Executive Summary (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/pdf/_execsumpdf.pdf.md){rel="alternate" type="text/markdown"} - [April 2015 Global Financial Stability Report- Executive Summary (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/pdf/_execsumpdf.pdf){rel="external" type="application/pdf"} - **April 2015 Global Financial Stability Report- Preface** - [April 2015 Global Financial Stability Report- Preface (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/pdf/_prefacepdf.pdf.md){rel="alternate" type="text/markdown"} - [April 2015 Global Financial Stability Report- Preface (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/pdf/_prefacepdf.pdf){rel="external" type="application/pdf"} - **Global Financial Stability Report- April 2015: Statistical Appendix** - [Global Financial Stability Report- April 2015: Statistical Appendix (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/pdf/_statapppdf.pdf.md){rel="alternate" type="text/markdown"} - [Global Financial Stability Report- April 2015: Statistical Appendix (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/pdf/_statapppdf.pdf){rel="external" type="application/pdf"} - **April 2015 Global Financial Stability Report- Executive Summary** - [April 2015 Global Financial Stability Report- Executive Summary (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/pdf/_sum1pdf.pdf.md){rel="alternate" type="text/markdown"} - [April 2015 Global Financial Stability Report- Executive Summary (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/pdf/_sum1pdf.pdf){rel="external" type="application/pdf"} - **GFSR- April 2015: Chapter 2 Summary** - [GFSR- April 2015: Chapter 2 Summary (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/pdf/_sum2pdf.pdf.md){rel="alternate" type="text/markdown"} - [GFSR- April 2015: Chapter 2 Summary (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/pdf/_sum2pdf.pdf){rel="external" type="application/pdf"} - **GFSR- Arpil 2015: Chapter 3 Summary** - [GFSR- Arpil 2015: Chapter 3 Summary (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/pdf/_sum3pdf.pdf.md){rel="alternate" type="text/markdown"} - [GFSR- Arpil 2015: Chapter 3 Summary (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/pdf/_sum3pdf.pdf){rel="external" type="application/pdf"} - **_textpdf** - [_textpdf (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/pdf/_textpdf.pdf.md){rel="alternate" type="text/markdown"} - [_textpdf (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2015/01/pdf/_textpdf.pdf){rel="external" type="application/pdf"} - **Резюме по главам 2 и 3 -- Доклад по вопросам глобальной финансовой стабильности, апрель 2015 года** - [Резюме по главам 2 и 3 -- Доклад по вопросам глобальной финансовой стабильности, апрель 2015 года (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/russian/pubs/ft/gfsr/2015/01/pdf/_sumr.pdf.md){rel="alternate" type="text/markdown"} - [Резюме по главам 2 и 3 -- Доклад по вопросам глобальной финансовой стабильности, апрель 2015 года (PDF)](/-/media/websites/imf/imported-flagship-issues/external/russian/pubs/ft/gfsr/2015/01/pdf/_sumr.pdf){rel="external" type="application/pdf"} - **Аналитическое резюме -- Доклад по вопросам глобальной финансовой стабильности, апрель 2015 года** - [Аналитическое резюме -- Доклад по вопросам глобальной финансовой стабильности, апрель 2015 года (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/russian/pubs/ft/gfsr/2015/01/pdf/execsumr.pdf.md){rel="alternate" type="text/markdown"} - [Аналитическое резюме -- Доклад по вопросам глобальной финансовой стабильности, апрель 2015 года (PDF)](/-/media/websites/imf/imported-flagship-issues/external/russian/pubs/ft/gfsr/2015/01/pdf/execsumr.pdf){rel="external" type="application/pdf"} - **Informe sobre la estabilidad financiera mundial - Resúmenes de los capítulos 2 y 3; abril de 2015** - [Informe sobre la estabilidad financiera mundial - Resúmenes de los capítulos 2 y 3; abril de 2015 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/spanish/pubs/ft/gfsr/2015/01/pdf/_sums.pdf.md){rel="alternate" type="text/markdown"} - [Informe sobre la estabilidad financiera mundial - Resúmenes de los capítulos 2 y 3; abril de 2015 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/spanish/pubs/ft/gfsr/2015/01/pdf/_sums.pdf){rel="external" type="application/pdf"} - **Informe sobre la estabilidad financiera mundial - Resumen Ejecutivo; Abril 2015** - [Informe sobre la estabilidad financiera mundial - Resumen Ejecutivo; Abril 2015 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/spanish/pubs/ft/gfsr/2015/01/pdf/execsums.pdf.md){rel="alternate" type="text/markdown"} - [Informe sobre la estabilidad financiera mundial - Resumen Ejecutivo; Abril 2015 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/spanish/pubs/ft/gfsr/2015/01/pdf/execsums.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 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/) _Source: https://www.imf.org/en/publications/gfsr/issues/2016/12/31/navigating-monetary-policy-challenges-and-managing-risks_