{ "title": "Restoring Confidence and Progressing on Reforms", "publication": "Global Financial Stability Report, October 10, 2012", "sourceUrl": "https://www.imf.org/en/publications/gfsr/issues/2016/12/31/restoring-confidence-and-progressing-on-reforms", "canonical": "https://www.imf.org/en/publications/gfsr/issues/2016/12/31/restoring-confidence-and-progressing-on-reforms", "overlayPath": "/en/publications/gfsr/issues/2016/12/31/restoring-confidence-and-progressing-on-reforms/index.md", "summary": "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. The report urges policymakers to act now to restore confidence, reverse capital flight, and reintegrate the euro zone.", "publishDate": "2012-10-10", "series": "Global Financial Stability Report", "sections": [ { "heading": "Executive findings and policy recommendations", "content": "- 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.\n- Policy actions urged:\n - Act now to restore confidence, reverse capital flight, and reintegrate the euro zone.\n - In both Japan and the United States, take steps toward medium-term fiscal adjustment to sustain confidence.\n - Emerging market economies should guard against future shocks while managing a slowdown in growth.\n- Assessment of regulatory reform:\n - 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.\n- Financial-structure finding:\n - 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." }, { "heading": "Chapter 1 — Global Financial Stability Assessment (summary of themes)", "content": "- Main risk drivers and vulnerabilities:\n - Euro area crisis remains the principal risk.\n - Emerging markets are most susceptible to spillovers (with some also facing domestic vulnerabilities and reduced policy space).\n - The United States and Japan need clear plans for medium-term fiscal adjustment to sustain confidence.\n- Included analytical elements:\n - 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.\n - 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." }, { "heading": "Chapter 2 — Restoring Confidence and Containing Global Spillovers (summary of themes)", "content": "- Focus areas:\n - Detailed analysis of key challenges for the euro area, United States, Japan, and emerging markets.\n - 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.\n- Analytical notes and topics:\n - 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.\n- Tables and indicators (selected topics listed in source):\n - 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.\n- Scenario and projection items referenced:\n - 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." }, { "heading": "Chapter 3 — The Reform Agenda: An Interim Report on Progress Toward a Safer Financial System (summary of themes)", "content": "- Purpose:\n - A stock-take of global regulatory reforms and implications for the structure of intermediation.\n- Key analytical threads:\n - 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.\n- Metrics and indices referenced:\n - 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.\n- Policy-implementation observation:\n - Status of initiatives varies by economy; many reforms remain in early stages of implementation." }, { "heading": "Chapter 4 — Changing Global Financial Structures: Can They Improve Economic Outcomes? (summary of themes)", "content": "- Purpose and finding:\n - Examines how evolving financial structures relate to economic outcomes and draws implications for regulatory reform.\n - Empirical result highlighted: financial buffers composed of high-quality capital and truly liquid assets are associated with better economic performance.\n- Country case studies and analysis components:\n - Sections on Australia, The United States, Germany, Japan, China.\n - 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.\n- Econometric and statistical elements:\n - 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." }, { "heading": "Statistical appendix and data notes (selected points)", "content": "- Appendices contain multiple data series and market indicators, including:\n - 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.\n - 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.\n- Terminology and notation clarified:\n - 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.\n - 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.\n - Note: Minor discrepancies between constituent figures and totals are due to rounding.\n\nRestoring Confidence and Progressing on Reforms — October 2012 Global Financial Stability Report (GFSR) — IMF\n\n---\n\n Content in this bundle\n\n- Figure 1.1. Global Financial Stability Map\n - Figure 1.1. Global Financial Stability Map (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.1. Global Financial Stability Map (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure110\n - figure110 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - figure110 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.11. Impact on Investment from EU Bank Deleveraging\n - Figure 1.11. Impact on Investment from EU Bank Deleveraging (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.11. Impact on Investment from EU Bank Deleveraging (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.12. Impact on Employment from EU Bank Deleveraging\n - Figure 1.12. Impact on Employment from EU Bank Deleveraging (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.12. Impact on Employment from EU Bank Deleveraging (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.13. Impact on GDP from EU Bank Deleveraging\n - Figure 1.13. Impact on GDP from EU Bank Deleveraging (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.13. Impact on GDP from EU Bank Deleveraging (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.14. Reduction in Bank Assets: Sensitivity to Periphery Sovereign Spreads\n - Figure 1.14. Reduction in Bank Assets: Sensitivity to Periphery Sovereign Spreads (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.14. Reduction in Bank Assets: Sensitivity to Periphery Sovereign Spreads (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions\n - Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.3. Asset Price Performance since April 2012 GFSR\n - Figure 1.3. Asset Price Performance since April 2012 GFSR (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.3. Asset Price Performance since April 2012 GFSR (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.4. Cumulative Flows to Global Mutual Funds\n - Figure 1.4. Cumulative Flows to Global Mutual Funds (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.4. Cumulative Flows to Global Mutual Funds (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure15\n - figure15 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - figure15 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure1 7\n - Figure1 7 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure1 7 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.8. Periphery Minus Core Credit Default Swap Spreads\n - Figure 1.8. Periphery Minus Core Credit Default Swap Spreads (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.8. Periphery Minus Core Credit Default Swap Spreads (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.9. Total Deleveraging by Sample Banks\n - Figure 1.9. Total Deleveraging by Sample Banks (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.9. Total Deleveraging by Sample Banks (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.1. Government Bond Yields and Volatility\n - Figure 2.1. Government Bond Yields and Volatility (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.1. Government Bond Yields and Volatility (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.10. Bank Credit to Domestic Government and the Private Sector\n - Figure 2.10. Bank Credit to Domestic Government and the Private Sector (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.10. Bank Credit to Domestic Government and the Private Sector (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.11. Change in Bank Intra Euro Area Cross-border Exposures\n - Figure 2.11. Change in Bank Intra Euro Area Cross-border Exposures (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.11. Change in Bank Intra Euro Area Cross-border Exposures (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.12. Change in Interest Rate on New Bank Loans\n - Figure 2.12. Change in Interest Rate on New Bank Loans (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.12. Change in Interest Rate on New Bank Loans (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.9. Total Deleveraging by Sample Banks\n - Figure 1.9. Total Deleveraging by Sample Banks (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1.9. Total Deleveraging by Sample Banks (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.15. Total Deleveraging due to Selected Stand-Alone Factors\n - Figure 2.15. Total Deleveraging due to Selected Stand-Alone Factors (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.15. Total Deleveraging due to Selected Stand-Alone Factors (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure216\n - figure216 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - figure216 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.17. Reduction in Credit Supply: Global Spillovers\n - Figure 2.17. Reduction in Credit Supply: Global Spillovers (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.17. Reduction in Credit Supply: Global Spillovers (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Dataset overview: Figure 2.18. Impact of EU Bank Deleveraging on GDP\n - Dataset overview: Figure 2.18. Impact of EU Bank Deleveraging on GDP (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Dataset overview: Figure 2.18. Impact of EU Bank Deleveraging on GDP (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.19. Reduction in Credit Supply to Euro Area: Sensitivity to Periphery Sovereign Spreads\n - Figure 2.19. Reduction in Credit Supply to Euro Area: Sensitivity to Periphery Sovereign Spreads (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.19. Reduction in Credit Supply to Euro Area: Sensitivity to Periphery Sovereign Spreads (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure22\n - figure22 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - figure22 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.20 Bank Credit to Corporates\n - Figure 2.20 Bank Credit to Corporates (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.20 Bank Credit to Corporates (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure2 21\n - Figure2 21 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure2 21 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.22. Projected Average Interest Rate on Outstanding Debt\n - Figure 2.22. Projected Average Interest Rate on Outstanding Debt (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.22. Projected Average Interest Rate on Outstanding Debt (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.23. Projected Interest Expenses as a Proportion of Revenue\n - Figure 2.23. Projected Interest Expenses as a Proportion of Revenue (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.23. Projected Interest Expenses as a Proportion of Revenue (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.25. Target2 Projections\n - Figure 2.25. Target2 Projections (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.25. Target2 Projections (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.26. Borrowing from Central Banks\n - Figure 2.26. Borrowing from Central Banks (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.26. Borrowing from Central Banks (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure2 27\n - Figure2 27 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure2 27 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.28. Contributions to Change in Fitted Ten-Year Nominal Treasury Yield\n - Figure 2.28. Contributions to Change in Fitted Ten-Year Nominal Treasury Yield (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.28. Contributions to Change in Fitted Ten-Year Nominal Treasury Yield (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure2 29\n - Figure2 29 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure2 29 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure23 — Dataset overview\n - figure23 — Dataset overview (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - figure23 — Dataset overview (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.30 Ten-Year Yields Tracing the Cycle Norms\n - Figure 2.30 Ten-Year Yields Tracing the Cycle Norms (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.30 Ten-Year Yields Tracing the Cycle Norms (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.31. Credit Much Weaker than Past\n - Figure 2.31. Credit Much Weaker than Past (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.31. Credit Much Weaker than Past (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.33. U.S. Government Debt and Interest Payments\n - Figure 2.33. U.S. Government Debt and Interest Payments (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.33. U.S. Government Debt and Interest Payments (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.34. Foreign Investor Share of Outstanding Sovereign Debt\n - Figure 2.34. Foreign Investor Share of Outstanding Sovereign Debt (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.34. Foreign Investor Share of Outstanding Sovereign Debt (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.35. Rollover Risk: Weighted Average Debt Maturity\n - Figure 2.35. Rollover Risk: Weighted Average Debt Maturity (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.35. Rollover Risk: Weighted Average Debt Maturity (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.37. Bank Holdings of Government Debt in Major Advanced Countries\n - Figure 2.37. Bank Holdings of Government Debt in Major Advanced Countries (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.37. Bank Holdings of Government Debt in Major Advanced Countries (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.38. Japanese Banks' Sensitivity to a 100 Basis Point Interest Rate Shock\n - Figure 2.38. Japanese Banks' Sensitivity to a 100 Basis Point Interest Rate Shock (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.38. Japanese Banks' Sensitivity to a 100 Basis Point Interest Rate Shock (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.39. Cumulative Purchases of JGBs since 2007\n - Figure 2.39. Cumulative Purchases of JGBs since 2007 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.39. Cumulative Purchases of JGBs since 2007 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure24\n - figure24 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - figure24 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.40. Bank Holdings of Government Debt in Japan under Current Trends, 2012-17\n - Figure 2.40. Bank Holdings of Government Debt in Japan under Current Trends, 2012-17 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.40. Bank Holdings of Government Debt in Japan under Current Trends, 2012-17 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.41. Foreign Claims of Foreign Banks\n - Figure 2.41. Foreign Claims of Foreign Banks (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.41. Foreign Claims of Foreign Banks (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.42. Foreign Holdings of Japan Government Bonds and Bills\n - Figure 2.42. Foreign Holdings of Japan Government Bonds and Bills (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.42. Foreign Holdings of Japan Government Bonds and Bills (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.43. Assets under Management\n - Figure 2.43. Assets under Management (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.43. Assets under Management (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure2 44\n - Figure2 44 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure2 44 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.46. Relative Sensitivity to Sovereign CDS to CDS of Euro Area Periphery, 2011-12\n - Figure 2.46. Relative Sensitivity to Sovereign CDS to CDS of Euro Area Periphery, 2011-12 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.46. Relative Sensitivity to Sovereign CDS to CDS of Euro Area Periphery, 2011-12 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.47. Net International Investment Position versus Gross External Debt, 2011\n - Figure 2.47. Net International Investment Position versus Gross External Debt, 2011 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.47. Net International Investment Position versus Gross External Debt, 2011 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.48. Share of Foreign Currency-Denominated Loans in Total Loans\n - Figure 2.48. Share of Foreign Currency-Denominated Loans in Total Loans (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.48. Share of Foreign Currency-Denominated Loans in Total Loans (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.49. Ratio of Nonperforming Loans to Total Loans\n - Figure 2.49. Ratio of Nonperforming Loans to Total Loans (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.49. Ratio of Nonperforming Loans to Total Loans (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.5. Periphery Minus Core Bank Credit Default Swap Spreads\n - Figure 2.5. Periphery Minus Core Bank Credit Default Swap Spreads (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.5. Periphery Minus Core Bank Credit Default Swap Spreads (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure2 50\n - Figure2 50 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure2 50 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.51. Nonresident Holdings of Government Debt and Market Liquidity\n - Figure 2.51. Nonresident Holdings of Government Debt and Market Liquidity (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.51. Nonresident Holdings of Government Debt and Market Liquidity (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure2 52\n - Figure2 52 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure2 52 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.54. Private Sector Credit, 2011 versus 2006\n - Figure 2.54. Private Sector Credit, 2011 versus 2006 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.54. Private Sector Credit, 2011 versus 2006 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.55. Cumulative Change in Real House Prices, 2006-11\n - Figure 2.55. Cumulative Change in Real House Prices, 2006-11 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.55. Cumulative Change in Real House Prices, 2006-11 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.56. Nonperforming Loans, 2011 versus 2008\n - Figure 2.56. Nonperforming Loans, 2011 versus 2008 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.56. Nonperforming Loans, 2011 versus 2008 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.6. Euro Area Bank Debt Issuance\n - Figure 2.6. Euro Area Bank Debt Issuance (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.6. Euro Area Bank Debt Issuance (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.7. Bank Deposit Flows in the Euro Area\n - Figure 2.7. Bank Deposit Flows in the Euro Area (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.7. Bank Deposit Flows in the Euro Area (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.8. Bank Customer Deposit Trends\n - Figure 2.8. Bank Customer Deposit Trends (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 2.8. Bank Customer Deposit Trends (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 2.1. Indebtedness and Leverage in Selected Advanced Economies\n - Table 2.1. Indebtedness and Leverage in Selected Advanced Economies (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 2.1. Indebtedness and Leverage in Selected Advanced Economies (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 2.2. Banking Financial Stability Indicators\n - Table 2.2. Banking Financial Stability Indicators (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 2.2. Banking Financial Stability Indicators (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 2.3. Sovereign Market and Vulnerability Indicators\n - Table 2.3. Sovereign Market and Vulnerability Indicators (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 2.3. Sovereign Market and Vulnerability Indicators (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 2.5. Holdings of Treasury Securities, by Sector\n - Table 2.5. Holdings of Treasury Securities, by Sector (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 2.5. Holdings of Treasury Securities, by Sector (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- dataset overview\n - dataset overview (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - dataset overview (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 2.8. Indicators of Vulnerability and Policy Space for Emerging Market and Other Economies\n - Table 2.8. Indicators of Vulnerability and Policy Space for Emerging Market and Other Economies (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 2.8. Indicators of Vulnerability and Policy Space for Emerging Market and Other Economies (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 3.1. Size of the Global Financial System\n - Figure 3.1. Size of the Global Financial System (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 3.1. Size of the Global Financial System (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 3.3. Market-Based Intermediation: New Financial Products\n - Figure 3.3. Market-Based Intermediation: New Financial Products (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 3.3. Market-Based Intermediation: New Financial Products (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1. Major Net Exporters and Importers of Capital in 2011\n - Figure 1. Major Net Exporters and Importers of Capital in 2011 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 1. Major Net Exporters and Importers of Capital in 2011 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 6. United States: Corporate Bond Market\n - Figure 6. United States: Corporate Bond Market (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 6. United States: Corporate Bond Market (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 7. Euro Area: Corporate Bond Market\n - Figure 7. Euro Area: Corporate Bond Market (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 7. Euro Area: Corporate Bond Market (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 8. United States: Commercial Paper Market\n - Figure 8. United States: Commercial Paper Market (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Figure 8. United States: Commercial Paper Market (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 1. Selected Indicators on the Size of the Capital Markets, 2011\n - Table 1. Selected Indicators on the Size of the Capital Markets, 2011 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 1. Selected Indicators on the Size of the Capital Markets, 2011 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 10. Emerging Markets: Mutual Funds\n - Table 10. Emerging Markets: Mutual Funds (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 10. Emerging Markets: Mutual Funds (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 2. MSCI Equity Market Indices\n - Table 2. MSCI Equity Market Indices (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 2. MSCI Equity Market Indices (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 3. Emerging Markets Bond Index: EMBI Global Sovereign Yield Spreads\n - Table 3. Emerging Markets Bond Index: EMBI Global Sovereign Yield Spreads (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 3. Emerging Markets Bond Index: EMBI Global Sovereign Yield Spreads (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 4. Emerging Market External Financing: Total Bonds, Equities, and Loans\n - Table 4. Emerging Market External Financing: Total Bonds, Equities, and Loans (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 4. Emerging Market External Financing: Total Bonds, Equities, and Loans (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 5. Emerging Market External Financing: Bonds\n - Table 5. Emerging Market External Financing: Bonds (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 5. Emerging Market External Financing: Bonds (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 6. Emerging Market External Financing: Equities\n - Table 6. Emerging Market External Financing: Equities (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 6. Emerging Market External Financing: Equities (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 7. Emerging Market External Financing: Loans\n - Table 7. Emerging Market External Financing: Loans (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 7. Emerging Market External Financing: Loans (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 8. Equity Valuation Measures: Dividend-Yield Ratios\n - Table 8. Equity Valuation Measures: Dividend-Yield Ratios (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 8. Equity Valuation Measures: Dividend-Yield Ratios (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 9. Equity Valuation Measures: Price/Earnings Ratios\n - Table 9. Equity Valuation Measures: Price/Earnings Ratios (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Table 9. Equity Valuation Measures: Price/Earnings Ratios (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- ملخص وافٍ لتقرير الاستقرار المالي العالمي\n - ملخص وافٍ لتقرير الاستقرار المالي العالمي (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - ملخص وافٍ لتقرير الاستقرار المالي العالمي (PDF){rel=\"external\" type=\"application/pdf\"}\n- 2012 年10 月期《全球金融稳定报告》-- 概要, 2012年10月10日\n - 2012 年10 月期《全球金融稳定报告》-- 概要, 2012年10月10日 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 2012 年10 月期《全球金融稳定报告》-- 概要, 2012年10月10日 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Résumé Analytique : Rapport sur la stabilité financière dans le monde\n - Résumé Analytique : Rapport sur la stabilité financière dans le monde (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Résumé Analytique : Rapport sur la stabilité financière dans le monde (PDF){rel=\"external\" type=\"application/pdf\"}\n- 国際金融安定性報告書\n - 国際金融安定性報告書 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - 国際金融安定性報告書 (PDF){rel=\"external\" type=\"application/pdf\"}\n- the reFOrM aGeNDa: aN INterIM repOrt ON prOGreSS tOWarD a SaFer FINaNcIaL SYSteM\n - the reFOrM aGeNDa: aN INterIM repOrt ON prOGreSS tOWarD a SaFer FINaNcIaL SYSteM (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - the reFOrM aGeNDa: aN INterIM repOrt ON prOGreSS tOWarD a SaFer FINaNcIaL SYSteM (PDF){rel=\"external\" type=\"application/pdf\"}\n- Chapter 4: Changing Global Financial Structures: Can They Improve Economic Outcomes?\n - Chapter 4: Changing Global Financial Structures: Can They Improve Economic Outcomes? (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Chapter 4: Changing Global Financial Structures: Can They Improve Economic Outcomes? (PDF){rel=\"external\" type=\"application/pdf\"}\n- c1pdf\n - c1pdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - c1pdf (PDF){rel=\"external\" type=\"application/pdf\"}\n- ChapteR 2 RestORing COnfidenCe and COntaining glObal spillOveRs\n - ChapteR 2 RestORing COnfidenCe and COntaining glObal spillOveRs (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - ChapteR 2 RestORing COnfidenCe and COntaining glObal spillOveRs (PDF){rel=\"external\" type=\"application/pdf\"}\n- Chapter 3: The Reform Agenda: An Interim Report on Progress T Oward A Safer Financial System\n - Chapter 3: The Reform Agenda: An Interim Report on Progress T Oward A Safer Financial System (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Chapter 3: The Reform Agenda: An Interim Report on Progress T Oward A Safer Financial System (PDF){rel=\"external\" type=\"application/pdf\"}\n- Chapter 4: Changing Global Financial Structures: Can They Improve Economic Outcomes?\n - Chapter 4: Changing Global Financial Structures: Can They Improve Economic Outcomes? (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Chapter 4: Changing Global Financial Structures: Can They Improve Economic Outcomes? (PDF){rel=\"external\" type=\"application/pdf\"}\n- eXeCUtIVe sUMMARY\n - eXeCUtIVe sUMMARY (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - eXeCUtIVe sUMMARY (PDF){rel=\"external\" type=\"application/pdf\"}\n- Preface\n - Preface (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Preface (PDF){rel=\"external\" type=\"application/pdf\"}\n- Restoring Confidence and Containing Global Spillovers: Press Points for Chapters 1-2\n - Restoring Confidence and Containing Global Spillovers: Press Points for Chapters 1-2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Restoring Confidence and Containing Global Spillovers: Press Points for Chapters 1-2 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Statistical Appendix -- Global Financial Stability Report; October 2012\n - Statistical Appendix -- Global Financial Stability Report; October 2012 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Statistical Appendix -- Global Financial Stability Report; October 2012 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Textpdf\n - Textpdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Textpdf (PDF){rel=\"external\" type=\"application/pdf\"}\n- sumr\n - sumr (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - sumr (PDF){rel=\"external\" type=\"application/pdf\"}\n- Resumen ejecutivo -- Informe sobre la estabilidad financiera mundial -- Octubre de 2012\n - Resumen ejecutivo -- Informe sobre la estabilidad financiera mundial -- Octubre de 2012 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Resumen ejecutivo -- Informe sobre la estabilidad financiera mundial -- Octubre de 2012 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.\n- Modify your profile\n- https://www.imf.org/en/home\n- Survey Article\n- Survey Article\n- Financial Soundness Indicators\n\nSource: https://www.imf.org/en/publications/gfsr/issues/2016/12/31/restoring-confidence-and-progressing-on-reforms" } ], "bullets": [ "[Markdown version](/en/publications/gfsr/issues/2016/12/31/restoring-confidence-and-progressing-on-reforms/index.md)", "[Structured JSON version](/en/publications/gfsr/issues/2016/12/31/restoring-confidence-and-progressing-on-reforms/index.json)", "[Bundle manifest](/en/publications/gfsr/issues/2016/12/31/restoring-confidence-and-progressing-on-reforms/bundle-manifest.json)", "Published: October 10, 2012", "Series: Global Financial Stability Report", "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:", "Assessment of regulatory reform:", "Financial-structure finding:", "Main risk drivers and vulnerabilities:", "Included analytical elements:", "Focus areas:", "Analytical notes and topics:", "Tables and indicators (selected topics listed in source):", "Scenario and projection items referenced:", "Purpose:", "Key analytical threads:", "Metrics and indices referenced:", "Policy-implementation observation:", "Purpose and finding:", "Country case studies and analysis components:", "Econometric and statistical elements:", "Appendices contain multiple data series and market indicators, including:", "Terminology and notation clarified:", "**Figure 1.1. Global Financial Stability Map**", "**figure1_10**", "**Figure 1.11. Impact on Investment from EU Bank Deleveraging**", "**Figure 1.12. Impact on Employment from EU Bank Deleveraging**", "**Figure 1.13. Impact on GDP from EU Bank Deleveraging**", "**Figure 1.14. Reduction in Bank Assets: Sensitivity to Periphery Sovereign Spreads**", "**Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions**", "**Figure 1.3. Asset Price Performance since April 2012 GFSR**", "**Figure 1.4. Cumulative Flows to Global Mutual Funds**", "**figure1_5**", "**Figure1 7**", "**Figure 1.8. Periphery Minus Core Credit Default Swap Spreads**", "**Figure 1.9. Total Deleveraging by Sample Banks**", "**Figure 2.1. Government Bond Yields and Volatility**", "**Figure 2.10. Bank Credit to Domestic Government and the Private Sector**", "**Figure 2.11. Change in Bank Intra Euro Area Cross-border Exposures**", "**Figure 2.12. Change in Interest Rate on New Bank Loans**", "**Figure 1.9. Total Deleveraging by Sample Banks**", "**Figure 2.15. Total Deleveraging due to Selected Stand-Alone Factors**", "**figure2_16**", "**Figure 2.17. Reduction in Credit Supply: Global Spillovers**", "**Dataset overview: Figure 2.18. Impact of EU Bank Deleveraging on GDP**", "**Figure 2.19. Reduction in Credit Supply to Euro Area: Sensitivity to Periphery Sovereign Spreads**", "**figure2_2**", "**Figure 2.20 Bank Credit to Corporates**", "**Figure2 21**", "**Figure 2.22. Projected Average Interest Rate on Outstanding Debt**", "**Figure 2.23. Projected Interest Expenses as a Proportion of Revenue**", "**Figure 2.25. Target2 Projections**", "**Figure 2.26. Borrowing from Central Banks**", "**Figure2 27**", "**Figure 2.28. Contributions to Change in Fitted Ten-Year Nominal Treasury Yield**", "**Figure2 29**", "**figure2_3 — Dataset overview**", "**Figure 2.30 Ten-Year Yields Tracing the Cycle Norms**", "**Figure 2.31. Credit Much Weaker than Past**", "**Figure 2.33. U.S. Government Debt and Interest Payments**", "**Figure 2.34. Foreign Investor Share of Outstanding Sovereign Debt**", "**Figure 2.35. Rollover Risk: Weighted Average Debt Maturity**", "**Figure 2.37. Bank Holdings of Government Debt in Major Advanced Countries**", "**Figure 2.38. Japanese Banks' Sensitivity to a 100 Basis Point Interest Rate Shock**", "**Figure 2.39. Cumulative Purchases of JGBs since 2007**", "**figure2_4**", "**Figure 2.40. Bank Holdings of Government Debt in Japan under Current Trends, 2012-17**", "**Figure 2.41. Foreign Claims of Foreign Banks**", "**Figure 2.42. Foreign Holdings of Japan Government Bonds and Bills**", "**Figure 2.43. Assets under Management**", "**Figure2 44**", "**Figure 2.46. Relative Sensitivity to Sovereign CDS to CDS of Euro Area Periphery, 2011-12**", "**Figure 2.47. Net International Investment Position versus Gross External Debt, 2011**", "**Figure 2.48. Share of Foreign Currency-Denominated Loans in Total Loans**", "**Figure 2.49. Ratio of Nonperforming Loans to Total Loans**", "**Figure 2.5. Periphery Minus Core Bank Credit Default Swap Spreads**", "**Figure2 50**", "**Figure 2.51. Nonresident Holdings of Government Debt and Market Liquidity**", "**Figure2 52**", "**Figure 2.54. Private Sector Credit, 2011 versus 2006**", "**Figure 2.55. Cumulative Change in Real House Prices, 2006-11**", "**Figure 2.56. Nonperforming Loans, 2011 versus 2008**", "**Figure 2.6. Euro Area Bank Debt Issuance**", "**Figure 2.7. Bank Deposit Flows in the Euro Area**", "**Figure 2.8. Bank Customer Deposit Trends**", "**Table 2.1. Indebtedness and Leverage in Selected Advanced Economies**", "**Table 2.2. Banking Financial Stability Indicators**", "**Table 2.3. Sovereign Market and Vulnerability Indicators**", "**Table 2.5. Holdings of Treasury Securities, by Sector**", "**dataset overview**", "**Table 2.8. Indicators of Vulnerability and Policy Space for Emerging Market and Other Economies**", "**Figure 3.1. Size of the Global Financial System**", "**Figure 3.3. Market-Based Intermediation: New Financial Products**", "**Figure 1. Major Net Exporters and Importers of Capital in 2011**", "**Figure 6. United States: Corporate Bond Market**", "**Figure 7. Euro Area: Corporate Bond Market**", "**Figure 8. United States: Commercial Paper Market**", "**Table 1. Selected Indicators on the Size of the Capital Markets, 2011**", "**Table 10. Emerging Markets: Mutual Funds**", "**Table 2. MSCI Equity Market Indices**", "**Table 3. Emerging Markets Bond Index: EMBI Global Sovereign Yield Spreads**", "**Table 4. Emerging Market External Financing: Total Bonds, Equities, and Loans**", "**Table 5. Emerging Market External Financing: Bonds**", "**Table 6. Emerging Market External Financing: Equities**", "**Table 7. Emerging Market External Financing: Loans**", "**Table 8. Equity Valuation Measures: Dividend-Yield Ratios**", "**Table 9. Equity Valuation Measures: Price/Earnings Ratios**", "**ملخص وافٍ لتقرير الاستقرار المالي العالمي**", "**2012 年10 月期《全球金融稳定报告》-- 概要, 2012年10月10日**", "**Résumé Analytique : Rapport sur la stabilité financière dans le monde**", "**国際金融安定性報告書**", "**the reFOrM aGeNDa: aN INterIM repOrt ON prOGreSS tOWarD a SaFer FINaNcIaL SYSteM**", "**Chapter 4: Changing Global Financial Structures: Can They Improve Economic Outcomes?**", "**_c1pdf**", "**ChapteR 2 RestORing COnfidenCe and COntaining glObal spillOveRs**", "**Chapter 3: The Reform Agenda: An Interim Report on Progress T Oward A Safer Financial System**", "**Chapter 4: Changing Global Financial Structures: Can They Improve Economic Outcomes?**", "**eXeCUtIVe sUMMARY**", "**Preface**", "**Restoring Confidence and Containing Global Spillovers: Press Points for Chapters 1-2**", "**Statistical Appendix -- Global Financial Stability Report; October 2012**", "**Textpdf**", "**sumr**", "**Resumen ejecutivo -- Informe sobre la estabilidad financiera mundial -- Octubre de 2012**", "[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)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)", "[Survey Article](http://www.imf.org/external/pubs/ft/survey/so/2012/res092512a.htm)", "[Survey Article](http://www.imf.org/external/pubs/ft/survey/so/2012/res092512b.htm)", "[Financial Soundness Indicators](http://fsi.imf.org/)" ], "related": [ { "title": "Figure 1.1. Global Financial Stability Map", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c1/figure1_1.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c1/figure1_1.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c1/figure1_1.csv", "mime": "application/octet-stream" } }, { "title": "figure1_10", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c1/figure1_10.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c1/figure1_10.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c1/figure1_10.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.11. Impact on Investment from EU Bank Deleveraging", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c1/figure1_11.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c1/figure1_11.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c1/figure1_11.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.12. Impact on Employment from EU Bank Deleveraging", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c1/figure1_12.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c1/figure1_12.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c1/figure1_12.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.13. Impact on GDP from EU Bank Deleveraging", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c1/figure1_13.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c1/figure1_13.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c1/figure1_13.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.14. Reduction in Bank Assets: Sensitivity to Periphery Sovereign Spreads", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c1/figure1_14.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c1/figure1_14.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c1/figure1_14.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c1/figure1_2.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c1/figure1_2.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c1/figure1_2.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.3. Asset Price Performance since April 2012 GFSR", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c1/figure1_3.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c1/figure1_3.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c1/figure1_3.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.4. Cumulative Flows to Global Mutual Funds", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c1/figure1_4.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c1/figure1_4.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c1/figure1_4.csv", "mime": "application/octet-stream" } }, { "title": "figure1_5", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c1/figure1_5.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c1/figure1_5.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c1/figure1_5.csv", "mime": "application/octet-stream" } }, { "title": "Figure1 7", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c1/figure1_7.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c1/figure1_7.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c1/figure1_7.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.8. Periphery Minus Core Credit Default Swap Spreads", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c1/figure1_8.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c1/figure1_8.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c1/figure1_8.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.9. Total Deleveraging by Sample Banks", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c1/figure1_9.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c1/figure1_9.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c1/figure1_9.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.1. Government Bond Yields and Volatility", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_1.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_1.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_1.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.10. Bank Credit to Domestic Government and the Private Sector", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_10.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_10.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_10.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.11. Change in Bank Intra Euro Area Cross-border Exposures", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_11.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_11.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_11.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.12. Change in Interest Rate on New Bank Loans", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_12.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_12.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_12.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1.9. Total Deleveraging by Sample Banks", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_14.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_14.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_14.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.15. Total Deleveraging due to Selected Stand-Alone Factors", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_15.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_15.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_15.csv", "mime": "application/octet-stream" } }, { "title": "figure2_16", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_16.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_16.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_16.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.17. Reduction in Credit Supply: Global Spillovers", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_17.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_17.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_17.csv", "mime": "application/octet-stream" } }, { "title": "Dataset overview: Figure 2.18. Impact of EU Bank Deleveraging on GDP", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_18.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_18.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_18.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.19. Reduction in Credit Supply to Euro Area: Sensitivity to Periphery Sovereign Spreads", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_19.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_19.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_19.csv", "mime": "application/octet-stream" } }, { "title": "figure2_2", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_2.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_2.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_2.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.20 Bank Credit to Corporates", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_20.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_20.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_20.csv", "mime": "application/octet-stream" } }, { "title": "Figure2 21", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_21.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_21.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_21.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.22. Projected Average Interest Rate on Outstanding Debt", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_22.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_22.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_22.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.23. Projected Interest Expenses as a Proportion of Revenue", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_23.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_23.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_23.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.25. Target2 Projections", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_25.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_25.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_25.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.26. Borrowing from Central Banks", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_26.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_26.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_26.csv", "mime": "application/octet-stream" } }, { "title": "Figure2 27", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_27.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_27.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_27.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.28. Contributions to Change in Fitted Ten-Year Nominal Treasury Yield", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_28.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_28.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_28.csv", "mime": "application/octet-stream" } }, { "title": "Figure2 29", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_29.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_29.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_29.csv", "mime": "application/octet-stream" } }, { "title": "figure2_3 — Dataset overview", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_3.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_3.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_3.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.30 Ten-Year Yields Tracing the Cycle Norms", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_30.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_30.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_30.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.31. Credit Much Weaker than Past", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_31.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_31.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_31.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.33. U.S. Government Debt and Interest Payments", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_33.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_33.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_33.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.34. Foreign Investor Share of Outstanding Sovereign Debt", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_34.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_34.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_34.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.35. Rollover Risk: Weighted Average Debt Maturity", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_35.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_35.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_35.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.37. Bank Holdings of Government Debt in Major Advanced Countries", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_37.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_37.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_37.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.38. Japanese Banks' Sensitivity to a 100 Basis Point Interest Rate Shock", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_38.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_38.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_38.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.39. Cumulative Purchases of JGBs since 2007", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_39.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_39.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_39.csv", "mime": "application/octet-stream" } }, { "title": "figure2_4", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_4.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_4.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_4.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.40. Bank Holdings of Government Debt in Japan under Current Trends, 2012-17", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_40.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_40.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_40.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.41. Foreign Claims of Foreign Banks", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_41.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_41.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_41.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.42. Foreign Holdings of Japan Government Bonds and Bills", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_42.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_42.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_42.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.43. Assets under Management", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_43.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_43.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_43.csv", "mime": "application/octet-stream" } }, { "title": "Figure2 44", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_44.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_44.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_44.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.46. Relative Sensitivity to Sovereign CDS to CDS of Euro Area Periphery, 2011-12", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_46.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_46.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_46.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.47. Net International Investment Position versus Gross External Debt, 2011", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_47.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_47.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_47.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.48. Share of Foreign Currency-Denominated Loans in Total Loans", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_48.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_48.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_48.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.49. Ratio of Nonperforming Loans to Total Loans", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_49.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_49.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_49.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.5. Periphery Minus Core Bank Credit Default Swap Spreads", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_5.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_5.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_5.csv", "mime": "application/octet-stream" } }, { "title": "Figure2 50", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_50.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_50.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_50.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.51. Nonresident Holdings of Government Debt and Market Liquidity", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_51.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_51.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_51.csv", "mime": "application/octet-stream" } }, { "title": "Figure2 52", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_52.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_52.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_52.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.54. Private Sector Credit, 2011 versus 2006", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_54.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_54.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_54.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.55. Cumulative Change in Real House Prices, 2006-11", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_55.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_55.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_55.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.56. Nonperforming Loans, 2011 versus 2008", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_56.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_56.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_56.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.6. Euro Area Bank Debt Issuance", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_6.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_6.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_6.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.7. Bank Deposit Flows in the Euro Area", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_7.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_7.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_7.csv", "mime": "application/octet-stream" } }, { "title": "Figure 2.8. Bank Customer Deposit Trends", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/figure2_8.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_8.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/figure2_8.csv", "mime": "application/octet-stream" } }, { "title": "Table 2.1. Indebtedness and Leverage in Selected Advanced Economies", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/table2_1.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/table2_1.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/table2_1.csv", "mime": "application/octet-stream" } }, { "title": "Table 2.2. Banking Financial Stability Indicators", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/table2_2.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/table2_2.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/table2_2.csv", "mime": "application/octet-stream" } }, { "title": "Table 2.3. Sovereign Market and Vulnerability Indicators", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/table2_3.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/table2_3.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/table2_3.csv", "mime": "application/octet-stream" } }, { "title": "Table 2.5. Holdings of Treasury Securities, by Sector", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/table2_5.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/table2_5.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/table2_5.csv", "mime": "application/octet-stream" } }, { "title": "dataset overview", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/table2_6.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/table2_6.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/table2_6.csv", "mime": "application/octet-stream" } }, { "title": "Table 2.8. Indicators of Vulnerability and Policy Space for Emerging Market and Other Economies", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c2/table2_8.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/table2_8.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c2/table2_8.csv", "mime": "application/octet-stream" } }, { "title": "Figure 3.1. Size of the Global Financial System", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c3/figure3_1.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c3/figure3_1.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c3/figure3_1.csv", "mime": "application/octet-stream" } }, { "title": "Figure 3.3. Market-Based Intermediation: New Financial Products", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/c3/figure3_3.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/c3/figure3_3.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/c3/figure3_3.csv", "mime": "application/octet-stream" } }, { "title": "Figure 1. Major Net Exporters and Importers of Capital in 2011", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/sa/sa_figure1.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/sa/sa_figure1.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/sa/sa_figure1.csv", "mime": "application/octet-stream" } }, { "title": "Figure 6. United States: Corporate Bond Market", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/sa/sa_figure6.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/sa/sa_figure6.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/sa/sa_figure6.csv", "mime": "application/octet-stream" } }, { "title": "Figure 7. Euro Area: Corporate Bond Market", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/sa/sa_figure7.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/sa/sa_figure7.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/sa/sa_figure7.csv", "mime": "application/octet-stream" } }, { "title": "Figure 8. United States: Commercial Paper Market", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/sa/sa_figure8.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/sa/sa_figure8.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/sa/sa_figure8.csv", "mime": "application/octet-stream" } }, { "title": "Table 1. Selected Indicators on the Size of the Capital Markets, 2011", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/sa/sa_table1.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/sa/sa_table1.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/sa/sa_table1.csv", "mime": "application/octet-stream" } }, { "title": "Table 10. Emerging Markets: Mutual Funds", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/sa/sa_table10.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/sa/sa_table10.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/sa/sa_table10.csv", "mime": "application/octet-stream" } }, { "title": "Table 2. MSCI Equity Market Indices", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/sa/sa_table2.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/sa/sa_table2.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/sa/sa_table2.csv", "mime": "application/octet-stream" } }, { "title": "Table 3. Emerging Markets Bond Index: EMBI Global Sovereign Yield Spreads", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/sa/sa_table3.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/sa/sa_table3.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/sa/sa_table3.csv", "mime": "application/octet-stream" } }, { "title": "Table 4. Emerging Market External Financing: Total Bonds, Equities, and Loans", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/sa/sa_table4.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/sa/sa_table4.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/sa/sa_table4.csv", "mime": "application/octet-stream" } }, { "title": "Table 5. Emerging Market External Financing: Bonds", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/sa/sa_table5.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/sa/sa_table5.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/sa/sa_table5.csv", "mime": "application/octet-stream" } }, { "title": "Table 6. Emerging Market External Financing: Equities", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/sa/sa_table6.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/sa/sa_table6.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/sa/sa_table6.csv", "mime": "application/octet-stream" } }, { "title": "Table 7. Emerging Market External Financing: Loans", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/sa/sa_table7.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/sa/sa_table7.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/sa/sa_table7.csv", "mime": "application/octet-stream" } }, { "title": "Table 8. Equity Valuation Measures: Dividend-Yield Ratios", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/sa/sa_table8.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/sa/sa_table8.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/sa/sa_table8.csv", "mime": "application/octet-stream" } }, { "title": "Table 9. Equity Valuation Measures: Price/Earnings Ratios", "role": "dataset", "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2012/02/sa/sa_table9.csv", "summary": { "path": "/external/pubs/ft/GFSR/2012/02/sa/sa_table9.csv.md", "mime": "text/markdown" }, "binary": { "path": "/external/pubs/ft/GFSR/2012/02/sa/sa_table9.csv", "mime": "application/octet-stream" } }, { "title": "ملخص وافٍ لتقرير الاستقرار المالي العالمي", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/gfsr/2012/02/pdf/suma.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/gfsr/2012/02/pdf/suma.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/gfsr/2012/02/pdf/suma.pdf", "mime": "application/pdf" } }, { "title": "2012 年10 月期《全球金融稳定报告》-- 概要, 2012年10月10日", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/gfsr/2012/02/pdf/sumc.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/gfsr/2012/02/pdf/sumc.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/gfsr/2012/02/pdf/sumc.pdf", "mime": "application/pdf" } }, { "title": "Résumé Analytique : Rapport sur la stabilité financière dans le monde", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/gfsr/2012/02/pdf/sumf.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/gfsr/2012/02/pdf/sumf.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/gfsr/2012/02/pdf/sumf.pdf", "mime": "application/pdf" } }, { "title": "国際金融安定性報告書", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/japanese/pubs/ft/gfsr/2012/02/pdf/sumj.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/japanese/pubs/ft/gfsr/2012/02/pdf/sumj.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/japanese/pubs/ft/gfsr/2012/02/pdf/sumj.pdf", "mime": "application/pdf" } }, { "title": "the reFOrM aGeNDa: aN INterIM repOrt ON prOGreSS tOWarD a SaFer FINaNcIaL SYSteM", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_3sumpdf.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_3sumpdf.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_3sumpdf.pdf", "mime": "application/pdf" } }, { "title": "Chapter 4: Changing Global Financial Structures: Can They Improve Economic Outcomes?", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_4sumpdf.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_4sumpdf.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_4sumpdf.pdf", "mime": "application/pdf" } }, { "title": "_c1pdf", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_c1pdf.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_c1pdf.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_c1pdf.pdf", "mime": "application/pdf" } }, { "title": "ChapteR 2 RestORing COnfidenCe and COntaining glObal spillOveRs", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_c2pdf.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_c2pdf.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_c2pdf.pdf", "mime": "application/pdf" } }, { "title": "Chapter 3: The Reform Agenda: An Interim Report on Progress T Oward A Safer Financial System", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_c3pdf.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_c3pdf.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_c3pdf.pdf", "mime": "application/pdf" } }, { "title": "Chapter 4: Changing Global Financial Structures: Can They Improve Economic Outcomes?", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_c4pdf.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_c4pdf.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_c4pdf.pdf", "mime": "application/pdf" } }, { "title": "eXeCUtIVe sUMMARY", "role": "document", "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_exesumpdf.pdf", "summary": { "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_exesumpdf.pdf.md", "mime": "text/markdown" }, 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