Restoring Confidence and Progressing on Reforms

Global Financial Stability Report, October 10, 2012

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Restoring Confidence and Progressing on Reforms

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Bibliographic details

• Published: October 10, 2012
• Series: Global Financial Stability Report

Executive findings and policy recommendations

• The October 2012 Global Financial Stability Report (GFSR) finds increased risks to the global financial system, with the euro area crisis the principal source of concern.
• Policy actions urged:
  • Act now to restore confidence, reverse capital flight, and reintegrate the euro zone.
  • In both Japan and the United States, take steps toward medium-term fiscal adjustment to sustain confidence.
  • Emerging market economies should guard against future shocks while managing a slowdown in growth.
• Assessment of regulatory reform:
  • Progress has been limited, partly because many reforms are in the early stages of implementation and partly because crisis intervention methods are still in use in a number of economies, delaying movement of the financial system onto a safer path.
• Financial-structure finding:
  • Some structural features are associated with better outcomes. In particular, financial buffers made up of high-quality capital and truly liquid assets tend to be associated with better economic performance.

Chapter 1 — Global Financial Stability Assessment (summary of themes)

• Main risk drivers and vulnerabilities:
  • Euro area crisis remains the principal risk.
  • Emerging markets are most susceptible to spillovers (with some also facing domestic vulnerabilities and reduced policy space).
  • The United States and Japan need clear plans for medium-term fiscal adjustment to sustain confidence.
• Included analytical elements:
  • Boxes: 1.1 Falling Confidence, Rising Risks, and Complacency; 1.2 Recent Policy Initiatives, Developments, and Challenges in the Euro Area; 1.3 Resilience of the Euro, or Fragile Equilibrium?; 1.4 Regulatory Reform: From Rulemaking to Implementation.
  • Figures and data: Global Financial Stability Map; Asset Price Performance since April 2012 GFSR; Cumulative Flows to Global Mutual Funds; Portfolio and Other Investment Capital Flows in the Euro Area, Excluding Central Banks; Spain and Italy: Changes in Foreign Investor Shares and Yields; Euro Area Exposures to Greece, Ireland, Italy, Portugal, and Spain; Periphery Minus Core Credit Default Swap Spreads; Total Deleveraging by Sample Banks; Reduction in Euro Area Supply of Credit under Alternative Policy Scenarios; Impact on Investment, Employment, and GDP from EU Bank Deleveraging; Reduction in Bank Assets: Sensitivity to Periphery Sovereign Spreads.

Chapter 2 — Restoring Confidence and Containing Global Spillovers (summary of themes)

• Focus areas:
  • Detailed analysis of key challenges for the euro area, United States, Japan, and emerging markets.
  • Builds on earlier work on European bank deleveraging and explores the sovereign-banking nexus in Japan and stability of U.S. financial markets given policy challenges.
• Analytical notes and topics:
  • Sections: 2.1 Systemic Risk in International Dollar Credit; 2.2 Why Are Euro Area Periphery Sovereign Spreads So High?; 2.3 European Bank Deleveraging: An Update; 2.4 Corporate Sector Fundamentals, Funding Conditions, and Credit Risks; 2.5 Key Challenges for the Dealer Operations of U.S. Banks; 2.6 How Impaired Is Liquidity in the U.S. Corporate Bond Trading Market?; 2.7 Avoiding the Pitfalls of Financial Liberalization in China—Credit Risk, Liquidity Mismatches, and Moral Hazard in Nonbank Intermediation.
• Tables and indicators (selected topics listed in source):
  • Indebtedness and Leverage in Selected Advanced Economies; Banking Financial Stability Indicators; Sovereign Market and Vulnerability Indicators; Key Features of Sovereign Funding and Bank Deleveraging Scenarios; Holdings of Treasury Securities, by Sector; Impact on Domestic Bank Balance Sheets from a Hypothetical Reversal of Foreign Inflows into Local Bond Markets; Overview of Recent Macroprudential and Capital Flow Measures in Selected Emerging Market and Other Economies.
• Scenario and projection items referenced:
  • Total Deleveraging Due to Selected Stand-Alone Factors; Reduction in Supply of Credit to Euro Area: Core versus Periphery; Reduction in Credit Supply: Global Spillovers; Impact of EU Bank Deleveraging on GDP, 2013 Projection; Reduction in Credit Supply to Euro Area: Sensitivity to Periphery Sovereign Spreads under Alternative Policy Scenarios; Corporate Bond Issuance Needs through End-2013 under Alternative Deleveraging Scenarios; Projected Average Interest Rates on Outstanding Sovereign Debt; Projected Sovereign Interest Expense as a Proportion of Revenue; TARGET2 Projections.

Chapter 3 — The Reform Agenda: An Interim Report on Progress Toward a Safer Financial System (summary of themes)

• Purpose:
  • A stock-take of global regulatory reforms and implications for the structure of intermediation.
• Key analytical threads:
  • Risks associated with new forms of financial intermediation; global deleveraging landscape at economy- and bank-level; TruPS and the impact of Basel III on U.S. banks; side effects of low policy interest rates; whether less globally integrated banking systems withstood international contagion better.
• Metrics and indices referenced:
  • Size of the Global Financial System; Market-Based Intermediation and New Financial Products; Scope and Scale: Interconnectedness, Funding, Concentration; Globalization; Government and Central Bank Crisis Measures, 2007–10; Effect of Progress in Basel Capital Rules on Intermediation Structures; Effect of Progress in Basel Liquidity Rules on Intermediation Structures; Basel Capital and Liquidity Progress Index.
• Policy-implementation observation:
  • Status of initiatives varies by economy; many reforms remain in early stages of implementation.

Chapter 4 — Changing Global Financial Structures: Can They Improve Economic Outcomes? (summary of themes)

• Purpose and finding:
  • Examines how evolving financial structures relate to economic outcomes and draws implications for regulatory reform.
  • Empirical result highlighted: financial buffers composed of high-quality capital and truly liquid assets are associated with better economic performance.
• Country case studies and analysis components:
  • Sections on Australia, The United States, Germany, Japan, China.
  • Time Varying Correlations: Financial Globalization Index; Time Varying Correlations: Financial Buffers; Financial Structure and Economic Growth, 1998–2010; Financial Structure Measures in This GFSR; Sector Size, Structure, and Economic Performance in Case Study Countries.
• Econometric and statistical elements:
  • Summary of Fixed-Effects Panel Estimation Results on Economic Outcomes, 1998–2010; List of Variables Used in Regression Analysis; Fixed-Effects Panel Estimation with Interaction Term, 1998–2010; Fixed-Effects Panel Estimation with Quadratic Term, 1998–2010; Systemic Banking Crises and Financial Structure Variables: Probit Model; Financial Depth and Macroeconomic Volatility; Statistical Appendix.

Statistical appendix and data notes (selected points)

• Appendices contain multiple data series and market indicators, including:
  • Major Net Exporters and Importers of Capital in 2011; Sovereign Credit Default Swap Spreads; Selected Credit Default Swap Spreads; Implied Volatility Indices; United States: Corporate Bond Market; Euro Area: Corporate Bond Market; United States: Commercial Paper Market.
  • Selected Indicators on the Size of the Capital Markets, 2011; MSCI Equity Market Indices; Emerging Markets Bond Index: EMBI Global Sovereign Yield Spreads; Emerging Market Private External Financing: Total Bonds, Equities, and Loans; Emerging Market Private External Financing: Bonds; Emerging Market Private External Financing: Equities; Emerging Market Private External Financing: Loans.
• Terminology and notation clarified:
  • Symbols used: . . . indicates data not available; —— indicates figure is zero or less than half the final digit shown, or item does not exist; - between years and months (for example, 2008–09 or January–June) to indicate the years or months covered; / between years (for example, 2008/09) to indicate a fiscal or financial year.
  • Definitions: “Billion” means a thousand million; “trillion” means a thousand billion. “Basis points” refer to hundredths of 1 percentage point (for example, 25 basis points are equivalent to ¼ of 1 percentage point). “n.a.” means not applicable.
  • Note: Minor discrepancies between constituent figures and totals are due to rounding.

Restoring Confidence and Progressing on Reforms — October 2012 Global Financial Stability Report (GFSR) — IMF

Content in this bundle

• Figure 1.1. Global Financial Stability Map
  • Figure 1.1. Global Financial Stability Map (Markdown version)
  • Figure 1.1. Global Financial Stability Map (CSV)
• figure1_10
  • figure1_10 (Markdown version)
  • figure1_10 (CSV)
• Figure 1.11. Impact on Investment from EU Bank Deleveraging
  • Figure 1.11. Impact on Investment from EU Bank Deleveraging (Markdown version)
  • Figure 1.11. Impact on Investment from EU Bank Deleveraging (CSV)
• Figure 1.12. Impact on Employment from EU Bank Deleveraging
  • Figure 1.12. Impact on Employment from EU Bank Deleveraging (Markdown version)
  • Figure 1.12. Impact on Employment from EU Bank Deleveraging (CSV)
• Figure 1.13. Impact on GDP from EU Bank Deleveraging
  • Figure 1.13. Impact on GDP from EU Bank Deleveraging (Markdown version)
  • Figure 1.13. Impact on GDP from EU Bank Deleveraging (CSV)
• Figure 1.14. Reduction in Bank Assets: Sensitivity to Periphery Sovereign Spreads
  • Figure 1.14. Reduction in Bank Assets: Sensitivity to Periphery Sovereign Spreads (Markdown version)
  • Figure 1.14. Reduction in Bank Assets: Sensitivity to Periphery Sovereign Spreads (CSV)
• Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions
  • Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions (Markdown version)
  • Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions (CSV)
• Figure 1.3. Asset Price Performance since April 2012 GFSR
  • Figure 1.3. Asset Price Performance since April 2012 GFSR (Markdown version)
  • Figure 1.3. Asset Price Performance since April 2012 GFSR (CSV)
• Figure 1.4. Cumulative Flows to Global Mutual Funds
  • Figure 1.4. Cumulative Flows to Global Mutual Funds (Markdown version)
  • Figure 1.4. Cumulative Flows to Global Mutual Funds (CSV)
• figure1_5
  • figure1_5 (Markdown version)
  • figure1_5 (CSV)
• Figure1 7
  • Figure1 7 (Markdown version)
  • Figure1 7 (CSV)
• Figure 1.8. Periphery Minus Core Credit Default Swap Spreads
  • Figure 1.8. Periphery Minus Core Credit Default Swap Spreads (Markdown version)
  • Figure 1.8. Periphery Minus Core Credit Default Swap Spreads (CSV)
• Figure 1.9. Total Deleveraging by Sample Banks
  • Figure 1.9. Total Deleveraging by Sample Banks (Markdown version)
  • Figure 1.9. Total Deleveraging by Sample Banks (CSV)
• Figure 2.1. Government Bond Yields and Volatility
  • Figure 2.1. Government Bond Yields and Volatility (Markdown version)
  • Figure 2.1. Government Bond Yields and Volatility (CSV)
• Figure 2.10. Bank Credit to Domestic Government and the Private Sector
  • Figure 2.10. Bank Credit to Domestic Government and the Private Sector (Markdown version)
  • Figure 2.10. Bank Credit to Domestic Government and the Private Sector (CSV)
• Figure 2.11. Change in Bank Intra Euro Area Cross-border Exposures
  • Figure 2.11. Change in Bank Intra Euro Area Cross-border Exposures (Markdown version)
  • Figure 2.11. Change in Bank Intra Euro Area Cross-border Exposures (CSV)
• Figure 2.12. Change in Interest Rate on New Bank Loans
  • Figure 2.12. Change in Interest Rate on New Bank Loans (Markdown version)
  • Figure 2.12. Change in Interest Rate on New Bank Loans (CSV)
• Figure 1.9. Total Deleveraging by Sample Banks
  • Figure 1.9. Total Deleveraging by Sample Banks (Markdown version)
  • Figure 1.9. Total Deleveraging by Sample Banks (CSV)
• Figure 2.15. Total Deleveraging due to Selected Stand-Alone Factors
  • Figure 2.15. Total Deleveraging due to Selected Stand-Alone Factors (Markdown version)
  • Figure 2.15. Total Deleveraging due to Selected Stand-Alone Factors (CSV)
• figure2_16
  • figure2_16 (Markdown version)
  • figure2_16 (CSV)
• Figure 2.17. Reduction in Credit Supply: Global Spillovers
  • Figure 2.17. Reduction in Credit Supply: Global Spillovers (Markdown version)
  • Figure 2.17. Reduction in Credit Supply: Global Spillovers (CSV)
• Dataset overview: Figure 2.18. Impact of EU Bank Deleveraging on GDP
  • Dataset overview: Figure 2.18. Impact of EU Bank Deleveraging on GDP (Markdown version)
  • Dataset overview: Figure 2.18. Impact of EU Bank Deleveraging on GDP (CSV)
• Figure 2.19. Reduction in Credit Supply to Euro Area: Sensitivity to Periphery Sovereign Spreads
  • Figure 2.19. Reduction in Credit Supply to Euro Area: Sensitivity to Periphery Sovereign Spreads (Markdown version)
  • Figure 2.19. Reduction in Credit Supply to Euro Area: Sensitivity to Periphery Sovereign Spreads (CSV)
• figure2_2
  • figure2_2 (Markdown version)
  • figure2_2 (CSV)
• Figure 2.20 Bank Credit to Corporates
  • Figure 2.20 Bank Credit to Corporates (Markdown version)
  • Figure 2.20 Bank Credit to Corporates (CSV)
• Figure2 21
  • Figure2 21 (Markdown version)
  • Figure2 21 (CSV)
• Figure 2.22. Projected Average Interest Rate on Outstanding Debt
  • Figure 2.22. Projected Average Interest Rate on Outstanding Debt (Markdown version)
  • Figure 2.22. Projected Average Interest Rate on Outstanding Debt (CSV)
• Figure 2.23. Projected Interest Expenses as a Proportion of Revenue
  • Figure 2.23. Projected Interest Expenses as a Proportion of Revenue (Markdown version)
  • Figure 2.23. Projected Interest Expenses as a Proportion of Revenue (CSV)
• Figure 2.25. Target2 Projections
  • Figure 2.25. Target2 Projections (Markdown version)
  • Figure 2.25. Target2 Projections (CSV)
• Figure 2.26. Borrowing from Central Banks
  • Figure 2.26. Borrowing from Central Banks (Markdown version)
  • Figure 2.26. Borrowing from Central Banks (CSV)
• Figure2 27
  • Figure2 27 (Markdown version)
  • Figure2 27 (CSV)
• Figure 2.28. Contributions to Change in Fitted Ten-Year Nominal Treasury Yield
  • Figure 2.28. Contributions to Change in Fitted Ten-Year Nominal Treasury Yield (Markdown version)
  • Figure 2.28. Contributions to Change in Fitted Ten-Year Nominal Treasury Yield (CSV)
• Figure2 29
  • Figure2 29 (Markdown version)
  • Figure2 29 (CSV)
• figure2_3 — Dataset overview
  • figure2_3 — Dataset overview (Markdown version)
  • figure2_3 — Dataset overview (CSV)
• Figure 2.30 Ten-Year Yields Tracing the Cycle Norms
  • Figure 2.30 Ten-Year Yields Tracing the Cycle Norms (Markdown version)
  • Figure 2.30 Ten-Year Yields Tracing the Cycle Norms (CSV)
• Figure 2.31. Credit Much Weaker than Past
  • Figure 2.31. Credit Much Weaker than Past (Markdown version)
  • Figure 2.31. Credit Much Weaker than Past (CSV)
• Figure 2.33. U.S. Government Debt and Interest Payments
  • Figure 2.33. U.S. Government Debt and Interest Payments (Markdown version)
  • Figure 2.33. U.S. Government Debt and Interest Payments (CSV)
• Figure 2.34. Foreign Investor Share of Outstanding Sovereign Debt
  • Figure 2.34. Foreign Investor Share of Outstanding Sovereign Debt (Markdown version)
  • Figure 2.34. Foreign Investor Share of Outstanding Sovereign Debt (CSV)
• Figure 2.35. Rollover Risk: Weighted Average Debt Maturity
  • Figure 2.35. Rollover Risk: Weighted Average Debt Maturity (Markdown version)
  • Figure 2.35. Rollover Risk: Weighted Average Debt Maturity (CSV)
• Figure 2.37. Bank Holdings of Government Debt in Major Advanced Countries
  • Figure 2.37. Bank Holdings of Government Debt in Major Advanced Countries (Markdown version)
  • Figure 2.37. Bank Holdings of Government Debt in Major Advanced Countries (CSV)
• Figure 2.38. Japanese Banks' Sensitivity to a 100 Basis Point Interest Rate Shock
  • Figure 2.38. Japanese Banks' Sensitivity to a 100 Basis Point Interest Rate Shock (Markdown version)
  • Figure 2.38. Japanese Banks' Sensitivity to a 100 Basis Point Interest Rate Shock (CSV)
• Figure 2.39. Cumulative Purchases of JGBs since 2007
  • Figure 2.39. Cumulative Purchases of JGBs since 2007 (Markdown version)
  • Figure 2.39. Cumulative Purchases of JGBs since 2007 (CSV)
• figure2_4
  • figure2_4 (Markdown version)
  • figure2_4 (CSV)
• Figure 2.40. Bank Holdings of Government Debt in Japan under Current Trends, 2012-17
  • Figure 2.40. Bank Holdings of Government Debt in Japan under Current Trends, 2012-17 (Markdown version)
  • Figure 2.40. Bank Holdings of Government Debt in Japan under Current Trends, 2012-17 (CSV)
• Figure 2.41. Foreign Claims of Foreign Banks
  • Figure 2.41. Foreign Claims of Foreign Banks (Markdown version)
  • Figure 2.41. Foreign Claims of Foreign Banks (CSV)
• Figure 2.42. Foreign Holdings of Japan Government Bonds and Bills
  • Figure 2.42. Foreign Holdings of Japan Government Bonds and Bills (Markdown version)
  • Figure 2.42. Foreign Holdings of Japan Government Bonds and Bills (CSV)
• Figure 2.43. Assets under Management
  • Figure 2.43. Assets under Management (Markdown version)
  • Figure 2.43. Assets under Management (CSV)
• Figure2 44
  • Figure2 44 (Markdown version)
  • Figure2 44 (CSV)
• Figure 2.46. Relative Sensitivity to Sovereign CDS to CDS of Euro Area Periphery, 2011-12
  • Figure 2.46. Relative Sensitivity to Sovereign CDS to CDS of Euro Area Periphery, 2011-12 (Markdown version)
  • Figure 2.46. Relative Sensitivity to Sovereign CDS to CDS of Euro Area Periphery, 2011-12 (CSV)
• Figure 2.47. Net International Investment Position versus Gross External Debt, 2011
  • Figure 2.47. Net International Investment Position versus Gross External Debt, 2011 (Markdown version)
  • Figure 2.47. Net International Investment Position versus Gross External Debt, 2011 (CSV)
• Figure 2.48. Share of Foreign Currency-Denominated Loans in Total Loans
  • Figure 2.48. Share of Foreign Currency-Denominated Loans in Total Loans (Markdown version)
  • Figure 2.48. Share of Foreign Currency-Denominated Loans in Total Loans (CSV)
• Figure 2.49. Ratio of Nonperforming Loans to Total Loans
  • Figure 2.49. Ratio of Nonperforming Loans to Total Loans (Markdown version)
  • Figure 2.49. Ratio of Nonperforming Loans to Total Loans (CSV)
• Figure 2.5. Periphery Minus Core Bank Credit Default Swap Spreads
  • Figure 2.5. Periphery Minus Core Bank Credit Default Swap Spreads (Markdown version)
  • Figure 2.5. Periphery Minus Core Bank Credit Default Swap Spreads (CSV)
• Figure2 50
  • Figure2 50 (Markdown version)
  • Figure2 50 (CSV)
• Figure 2.51. Nonresident Holdings of Government Debt and Market Liquidity
  • Figure 2.51. Nonresident Holdings of Government Debt and Market Liquidity (Markdown version)
  • Figure 2.51. Nonresident Holdings of Government Debt and Market Liquidity (CSV)
• Figure2 52
  • Figure2 52 (Markdown version)
  • Figure2 52 (CSV)
• Figure 2.54. Private Sector Credit, 2011 versus 2006
  • Figure 2.54. Private Sector Credit, 2011 versus 2006 (Markdown version)
  • Figure 2.54. Private Sector Credit, 2011 versus 2006 (CSV)
• Figure 2.55. Cumulative Change in Real House Prices, 2006-11
  • Figure 2.55. Cumulative Change in Real House Prices, 2006-11 (Markdown version)
  • Figure 2.55. Cumulative Change in Real House Prices, 2006-11 (CSV)
• Figure 2.56. Nonperforming Loans, 2011 versus 2008
  • Figure 2.56. Nonperforming Loans, 2011 versus 2008 (Markdown version)
  • Figure 2.56. Nonperforming Loans, 2011 versus 2008 (CSV)
• Figure 2.6. Euro Area Bank Debt Issuance
  • Figure 2.6. Euro Area Bank Debt Issuance (Markdown version)
  • Figure 2.6. Euro Area Bank Debt Issuance (CSV)
• Figure 2.7. Bank Deposit Flows in the Euro Area
  • Figure 2.7. Bank Deposit Flows in the Euro Area (Markdown version)
  • Figure 2.7. Bank Deposit Flows in the Euro Area (CSV)
• Figure 2.8. Bank Customer Deposit Trends
  • Figure 2.8. Bank Customer Deposit Trends (Markdown version)
  • Figure 2.8. Bank Customer Deposit Trends (CSV)
• Table 2.1. Indebtedness and Leverage in Selected Advanced Economies
  • Table 2.1. Indebtedness and Leverage in Selected Advanced Economies (Markdown version)
  • Table 2.1. Indebtedness and Leverage in Selected Advanced Economies (CSV)
• Table 2.2. Banking Financial Stability Indicators
  • Table 2.2. Banking Financial Stability Indicators (Markdown version)
  • Table 2.2. Banking Financial Stability Indicators (CSV)
• Table 2.3. Sovereign Market and Vulnerability Indicators
  • Table 2.3. Sovereign Market and Vulnerability Indicators (Markdown version)
  • Table 2.3. Sovereign Market and Vulnerability Indicators (CSV)
• Table 2.5. Holdings of Treasury Securities, by Sector
  • Table 2.5. Holdings of Treasury Securities, by Sector (Markdown version)
  • Table 2.5. Holdings of Treasury Securities, by Sector (CSV)
• dataset overview
  • dataset overview (Markdown version)
  • dataset overview (CSV)
• Table 2.8. Indicators of Vulnerability and Policy Space for Emerging Market and Other Economies
  • Table 2.8. Indicators of Vulnerability and Policy Space for Emerging Market and Other Economies (Markdown version)
  • Table 2.8. Indicators of Vulnerability and Policy Space for Emerging Market and Other Economies (CSV)
• Figure 3.1. Size of the Global Financial System
  • Figure 3.1. Size of the Global Financial System (Markdown version)
  • Figure 3.1. Size of the Global Financial System (CSV)
• Figure 3.3. Market-Based Intermediation: New Financial Products
  • Figure 3.3. Market-Based Intermediation: New Financial Products (Markdown version)
  • Figure 3.3. Market-Based Intermediation: New Financial Products (CSV)
• Figure 1. Major Net Exporters and Importers of Capital in 2011
  • Figure 1. Major Net Exporters and Importers of Capital in 2011 (Markdown version)
  • Figure 1. Major Net Exporters and Importers of Capital in 2011 (CSV)
• Figure 6. United States: Corporate Bond Market
  • Figure 6. United States: Corporate Bond Market (Markdown version)
  • Figure 6. United States: Corporate Bond Market (CSV)
• Figure 7. Euro Area: Corporate Bond Market
  • Figure 7. Euro Area: Corporate Bond Market (Markdown version)
  • Figure 7. Euro Area: Corporate Bond Market (CSV)
• Figure 8. United States: Commercial Paper Market
  • Figure 8. United States: Commercial Paper Market (Markdown version)
  • Figure 8. United States: Commercial Paper Market (CSV)
• Table 1. Selected Indicators on the Size of the Capital Markets, 2011
  • Table 1. Selected Indicators on the Size of the Capital Markets, 2011 (Markdown version)
  • Table 1. Selected Indicators on the Size of the Capital Markets, 2011 (CSV)
• Table 10. Emerging Markets: Mutual Funds
  • Table 10. Emerging Markets: Mutual Funds (Markdown version)
  • Table 10. Emerging Markets: Mutual Funds (CSV)
• Table 2. MSCI Equity Market Indices
  • Table 2. MSCI Equity Market Indices (Markdown version)
  • Table 2. MSCI Equity Market Indices (CSV)
• Table 3. Emerging Markets Bond Index: EMBI Global Sovereign Yield Spreads
  • Table 3. Emerging Markets Bond Index: EMBI Global Sovereign Yield Spreads (Markdown version)
  • Table 3. Emerging Markets Bond Index: EMBI Global Sovereign Yield Spreads (CSV)
• Table 4. Emerging Market External Financing: Total Bonds, Equities, and Loans
  • Table 4. Emerging Market External Financing: Total Bonds, Equities, and Loans (Markdown version)
  • Table 4. Emerging Market External Financing: Total Bonds, Equities, and Loans (CSV)
• Table 5. Emerging Market External Financing: Bonds
  • Table 5. Emerging Market External Financing: Bonds (Markdown version)
  • Table 5. Emerging Market External Financing: Bonds (CSV)
• Table 6. Emerging Market External Financing: Equities
  • Table 6. Emerging Market External Financing: Equities (Markdown version)
  • Table 6. Emerging Market External Financing: Equities (CSV)
• Table 7. Emerging Market External Financing: Loans
  • Table 7. Emerging Market External Financing: Loans (Markdown version)
  • Table 7. Emerging Market External Financing: Loans (CSV)
• Table 8. Equity Valuation Measures: Dividend-Yield Ratios
  • Table 8. Equity Valuation Measures: Dividend-Yield Ratios (Markdown version)
  • Table 8. Equity Valuation Measures: Dividend-Yield Ratios (CSV)
• Table 9. Equity Valuation Measures: Price/Earnings Ratios
  • Table 9. Equity Valuation Measures: Price/Earnings Ratios (Markdown version)
  • Table 9. Equity Valuation Measures: Price/Earnings Ratios (CSV)
• ملخص وافٍ لتقرير الاستقرار المالي العالمي
  • ملخص وافٍ لتقرير الاستقرار المالي العالمي (Markdown version)
  • ملخص وافٍ لتقرير الاستقرار المالي العالمي (PDF)
• 2012 年10 月期《全球金融稳定报告》-- 概要, 2012年10月10日
  • 2012 年10 月期《全球金融稳定报告》-- 概要, 2012年10月10日 (Markdown version)
  • 2012 年10 月期《全球金融稳定报告》-- 概要, 2012年10月10日 (PDF)
• Résumé Analytique : Rapport sur la stabilité financière dans le monde
  • Résumé Analytique : Rapport sur la stabilité financière dans le monde (Markdown version)
  • Résumé Analytique : Rapport sur la stabilité financière dans le monde (PDF)
• 国際金融安定性報告書
  • 国際金融安定性報告書 (Markdown version)
  • 国際金融安定性報告書 (PDF)
• the reFOrM aGeNDa: aN INterIM repOrt ON prOGreSS tOWarD a SaFer FINaNcIaL SYSteM
  • the reFOrM aGeNDa: aN INterIM repOrt ON prOGreSS tOWarD a SaFer FINaNcIaL SYSteM (Markdown version)
  • the reFOrM aGeNDa: aN INterIM repOrt ON prOGreSS tOWarD a SaFer FINaNcIaL SYSteM (PDF)
• Chapter 4: Changing Global Financial Structures: Can They Improve Economic Outcomes?
  • Chapter 4: Changing Global Financial Structures: Can They Improve Economic Outcomes? (Markdown version)
  • Chapter 4: Changing Global Financial Structures: Can They Improve Economic Outcomes? (PDF)
• _c1pdf
  • _c1pdf (Markdown version)
  • _c1pdf (PDF)
• ChapteR 2 RestORing COnfidenCe and COntaining glObal spillOveRs
  • ChapteR 2 RestORing COnfidenCe and COntaining glObal spillOveRs (Markdown version)
  • ChapteR 2 RestORing COnfidenCe and COntaining glObal spillOveRs (PDF)
• Chapter 3: The Reform Agenda: An Interim Report on Progress T Oward A Safer Financial System
  • Chapter 3: The Reform Agenda: An Interim Report on Progress T Oward A Safer Financial System (Markdown version)
  • Chapter 3: The Reform Agenda: An Interim Report on Progress T Oward A Safer Financial System (PDF)
• Chapter 4: Changing Global Financial Structures: Can They Improve Economic Outcomes?
  • Chapter 4: Changing Global Financial Structures: Can They Improve Economic Outcomes? (Markdown version)
  • Chapter 4: Changing Global Financial Structures: Can They Improve Economic Outcomes? (PDF)
• eXeCUtIVe sUMMARY
  • eXeCUtIVe sUMMARY (Markdown version)
  • eXeCUtIVe sUMMARY (PDF)
• Preface
  • Preface (Markdown version)
  • Preface (PDF)
• Restoring Confidence and Containing Global Spillovers: Press Points for Chapters 1-2
  • Restoring Confidence and Containing Global Spillovers: Press Points for Chapters 1-2 (Markdown version)
  • Restoring Confidence and Containing Global Spillovers: Press Points for Chapters 1-2 (PDF)
• Statistical Appendix -- Global Financial Stability Report; October 2012
  • Statistical Appendix -- Global Financial Stability Report; October 2012 (Markdown version)
  • Statistical Appendix -- Global Financial Stability Report; October 2012 (PDF)
• Textpdf
  • Textpdf (Markdown version)
  • Textpdf (PDF)
• sumr
  • sumr (Markdown version)
  • sumr (PDF)
• Resumen ejecutivo -- Informe sobre la estabilidad financiera mundial -- Octubre de 2012
  • Resumen ejecutivo -- Informe sobre la estabilidad financiera mundial -- Octubre de 2012 (Markdown version)
  • Resumen ejecutivo -- Informe sobre la estabilidad financiera mundial -- Octubre de 2012 (PDF)

References

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• https://www.imf.org/en/home
• Survey Article
• Survey Article
• Financial Soundness Indicators