## Restoring Confidence and Progressing on Reforms

_Global Financial Stability Report, October 10, 2012_

## Source details

**Canonical URL:** [Restoring Confidence and Progressing on Reforms](https://www.imf.org/en/publications/gfsr/issues/2016/12/31/restoring-confidence-and-progressing-on-reforms)

## Other formats

- [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)

## 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)](/external/pubs/ft/GFSR/2012/02/c1/figure1_1.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.1. Global Financial Stability Map (CSV)](/external/pubs/ft/GFSR/2012/02/c1/figure1_1.csv){rel="external" type="application/octet-stream"}
- **figure1_10**
  - [figure1_10 (Markdown version)](/external/pubs/ft/GFSR/2012/02/c1/figure1_10.csv.md){rel="alternate" type="text/markdown"}
  - [figure1_10 (CSV)](/external/pubs/ft/GFSR/2012/02/c1/figure1_10.csv){rel="external" type="application/octet-stream"}
- **Figure 1.11. Impact on Investment from EU Bank Deleveraging**
  - [Figure 1.11. Impact on Investment from EU Bank Deleveraging (Markdown version)](/external/pubs/ft/GFSR/2012/02/c1/figure1_11.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.11. Impact on Investment from EU Bank Deleveraging (CSV)](/external/pubs/ft/GFSR/2012/02/c1/figure1_11.csv){rel="external" type="application/octet-stream"}
- **Figure 1.12. Impact on Employment from EU Bank Deleveraging**
  - [Figure 1.12. Impact on Employment from EU Bank Deleveraging (Markdown version)](/external/pubs/ft/GFSR/2012/02/c1/figure1_12.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.12. Impact on Employment from EU Bank Deleveraging (CSV)](/external/pubs/ft/GFSR/2012/02/c1/figure1_12.csv){rel="external" type="application/octet-stream"}
- **Figure 1.13. Impact on GDP from EU Bank Deleveraging**
  - [Figure 1.13. Impact on GDP from EU Bank Deleveraging (Markdown version)](/external/pubs/ft/GFSR/2012/02/c1/figure1_13.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.13. Impact on GDP from EU Bank Deleveraging (CSV)](/external/pubs/ft/GFSR/2012/02/c1/figure1_13.csv){rel="external" type="application/octet-stream"}
- **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)](/external/pubs/ft/GFSR/2012/02/c1/figure1_14.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.14. Reduction in Bank Assets: Sensitivity to Periphery Sovereign Spreads (CSV)](/external/pubs/ft/GFSR/2012/02/c1/figure1_14.csv){rel="external" type="application/octet-stream"}
- **Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions**
  - [Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions (Markdown version)](/external/pubs/ft/GFSR/2012/02/c1/figure1_2.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions (CSV)](/external/pubs/ft/GFSR/2012/02/c1/figure1_2.csv){rel="external" type="application/octet-stream"}
- **Figure 1.3. Asset Price Performance since April 2012 GFSR**
  - [Figure 1.3. Asset Price Performance since April 2012 GFSR (Markdown version)](/external/pubs/ft/GFSR/2012/02/c1/figure1_3.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.3. Asset Price Performance since April 2012 GFSR (CSV)](/external/pubs/ft/GFSR/2012/02/c1/figure1_3.csv){rel="external" type="application/octet-stream"}
- **Figure 1.4. Cumulative Flows to Global Mutual Funds**
  - [Figure 1.4. Cumulative Flows to Global Mutual Funds (Markdown version)](/external/pubs/ft/GFSR/2012/02/c1/figure1_4.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.4. Cumulative Flows to Global Mutual Funds (CSV)](/external/pubs/ft/GFSR/2012/02/c1/figure1_4.csv){rel="external" type="application/octet-stream"}
- **figure1_5**
  - [figure1_5 (Markdown version)](/external/pubs/ft/GFSR/2012/02/c1/figure1_5.csv.md){rel="alternate" type="text/markdown"}
  - [figure1_5 (CSV)](/external/pubs/ft/GFSR/2012/02/c1/figure1_5.csv){rel="external" type="application/octet-stream"}
- **Figure1 7**
  - [Figure1 7 (Markdown version)](/external/pubs/ft/GFSR/2012/02/c1/figure1_7.csv.md){rel="alternate" type="text/markdown"}
  - [Figure1 7 (CSV)](/external/pubs/ft/GFSR/2012/02/c1/figure1_7.csv){rel="external" type="application/octet-stream"}
- **Figure 1.8. Periphery Minus Core Credit Default Swap Spreads**
  - [Figure 1.8. Periphery Minus Core Credit Default Swap Spreads (Markdown version)](/external/pubs/ft/GFSR/2012/02/c1/figure1_8.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.8. Periphery Minus Core Credit Default Swap Spreads (CSV)](/external/pubs/ft/GFSR/2012/02/c1/figure1_8.csv){rel="external" type="application/octet-stream"}
- **Figure 1.9. Total Deleveraging by Sample Banks**
  - [Figure 1.9. Total Deleveraging by Sample Banks (Markdown version)](/external/pubs/ft/GFSR/2012/02/c1/figure1_9.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.9. Total Deleveraging by Sample Banks (CSV)](/external/pubs/ft/GFSR/2012/02/c1/figure1_9.csv){rel="external" type="application/octet-stream"}
- **Figure 2.1. Government Bond Yields and Volatility**
  - [Figure 2.1. Government Bond Yields and Volatility (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/figure2_1.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.1. Government Bond Yields and Volatility (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_1.csv){rel="external" type="application/octet-stream"}
- **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)](/external/pubs/ft/GFSR/2012/02/c2/figure2_10.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.10. Bank Credit to Domestic Government and the Private Sector (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_10.csv){rel="external" type="application/octet-stream"}
- **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)](/external/pubs/ft/GFSR/2012/02/c2/figure2_11.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.11. Change in Bank Intra Euro Area Cross-border Exposures (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_11.csv){rel="external" type="application/octet-stream"}
- **Figure 2.12. Change in Interest Rate on New Bank Loans**
  - [Figure 2.12. Change in Interest Rate on New Bank Loans (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/figure2_12.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.12. Change in Interest Rate on New Bank Loans (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_12.csv){rel="external" type="application/octet-stream"}
- **Figure 1.9. Total Deleveraging by Sample Banks**
  - [Figure 1.9. Total Deleveraging by Sample Banks (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/figure2_14.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.9. Total Deleveraging by Sample Banks (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_14.csv){rel="external" type="application/octet-stream"}
- **Figure 2.15. Total Deleveraging due to Selected Stand-Alone Factors**
  - [Figure 2.15. Total Deleveraging due to Selected Stand-Alone Factors (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/figure2_15.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.15. Total Deleveraging due to Selected Stand-Alone Factors (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_15.csv){rel="external" type="application/octet-stream"}
- **figure2_16**
  - [figure2_16 (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/figure2_16.csv.md){rel="alternate" type="text/markdown"}
  - [figure2_16 (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_16.csv){rel="external" type="application/octet-stream"}
- **Figure 2.17. Reduction in Credit Supply: Global Spillovers**
  - [Figure 2.17. Reduction in Credit Supply: Global Spillovers (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/figure2_17.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.17. Reduction in Credit Supply: Global Spillovers (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_17.csv){rel="external" type="application/octet-stream"}
- **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)](/external/pubs/ft/GFSR/2012/02/c2/figure2_18.csv.md){rel="alternate" type="text/markdown"}
  - [Dataset overview: Figure 2.18. Impact of EU Bank Deleveraging on GDP (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_18.csv){rel="external" type="application/octet-stream"}
- **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)](/external/pubs/ft/GFSR/2012/02/c2/figure2_19.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.19. Reduction in Credit Supply to Euro Area: Sensitivity to Periphery Sovereign Spreads (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_19.csv){rel="external" type="application/octet-stream"}
- **figure2_2**
  - [figure2_2 (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/figure2_2.csv.md){rel="alternate" type="text/markdown"}
  - [figure2_2 (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_2.csv){rel="external" type="application/octet-stream"}
- **Figure 2.20 Bank Credit to Corporates**
  - [Figure 2.20 Bank Credit to Corporates (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/figure2_20.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.20 Bank Credit to Corporates (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_20.csv){rel="external" type="application/octet-stream"}
- **Figure2 21**
  - [Figure2 21 (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/figure2_21.csv.md){rel="alternate" type="text/markdown"}
  - [Figure2 21 (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_21.csv){rel="external" type="application/octet-stream"}
- **Figure 2.22. Projected Average Interest Rate on Outstanding Debt**
  - [Figure 2.22. Projected Average Interest Rate on Outstanding Debt (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/figure2_22.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.22. Projected Average Interest Rate on Outstanding Debt (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_22.csv){rel="external" type="application/octet-stream"}
- **Figure 2.23. Projected Interest Expenses as a Proportion of Revenue**
  - [Figure 2.23. Projected Interest Expenses as a Proportion of Revenue (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/figure2_23.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.23. Projected Interest Expenses as a Proportion of Revenue (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_23.csv){rel="external" type="application/octet-stream"}
- **Figure 2.25. Target2 Projections**
  - [Figure 2.25. Target2 Projections (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/figure2_25.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.25. Target2 Projections (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_25.csv){rel="external" type="application/octet-stream"}
- **Figure 2.26. Borrowing from Central Banks**
  - [Figure 2.26. Borrowing from Central Banks (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/figure2_26.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.26. Borrowing from Central Banks (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_26.csv){rel="external" type="application/octet-stream"}
- **Figure2 27**
  - [Figure2 27 (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/figure2_27.csv.md){rel="alternate" type="text/markdown"}
  - [Figure2 27 (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_27.csv){rel="external" type="application/octet-stream"}
- **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)](/external/pubs/ft/GFSR/2012/02/c2/figure2_28.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.28. Contributions to Change in Fitted Ten-Year Nominal Treasury Yield (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_28.csv){rel="external" type="application/octet-stream"}
- **Figure2 29**
  - [Figure2 29 (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/figure2_29.csv.md){rel="alternate" type="text/markdown"}
  - [Figure2 29 (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_29.csv){rel="external" type="application/octet-stream"}
- **figure2_3 — Dataset overview**
  - [figure2_3 — Dataset overview (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/figure2_3.csv.md){rel="alternate" type="text/markdown"}
  - [figure2_3 — Dataset overview (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_3.csv){rel="external" type="application/octet-stream"}
- **Figure 2.30 Ten-Year Yields Tracing the Cycle Norms**
  - [Figure 2.30 Ten-Year Yields Tracing the Cycle Norms (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/figure2_30.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.30 Ten-Year Yields Tracing the Cycle Norms (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_30.csv){rel="external" type="application/octet-stream"}
- **Figure 2.31. Credit Much Weaker than Past**
  - [Figure 2.31. Credit Much Weaker than Past (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/figure2_31.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.31. Credit Much Weaker than Past (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_31.csv){rel="external" type="application/octet-stream"}
- **Figure 2.33. U.S. Government Debt and Interest Payments**
  - [Figure 2.33. U.S. Government Debt and Interest Payments (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/figure2_33.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.33. U.S. Government Debt and Interest Payments (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_33.csv){rel="external" type="application/octet-stream"}
- **Figure 2.34. Foreign Investor Share of Outstanding Sovereign Debt**
  - [Figure 2.34. Foreign Investor Share of Outstanding Sovereign Debt (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/figure2_34.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.34. Foreign Investor Share of Outstanding Sovereign Debt (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_34.csv){rel="external" type="application/octet-stream"}
- **Figure 2.35. Rollover Risk: Weighted Average Debt Maturity**
  - [Figure 2.35. Rollover Risk: Weighted Average Debt Maturity (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/figure2_35.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.35. Rollover Risk: Weighted Average Debt Maturity (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_35.csv){rel="external" type="application/octet-stream"}
- **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)](/external/pubs/ft/GFSR/2012/02/c2/figure2_37.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.37. Bank Holdings of Government Debt in Major Advanced Countries (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_37.csv){rel="external" type="application/octet-stream"}
- **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)](/external/pubs/ft/GFSR/2012/02/c2/figure2_38.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.38. Japanese Banks' Sensitivity to a 100 Basis Point Interest Rate Shock (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_38.csv){rel="external" type="application/octet-stream"}
- **Figure 2.39. Cumulative Purchases of JGBs since 2007**
  - [Figure 2.39. Cumulative Purchases of JGBs since 2007 (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/figure2_39.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.39. Cumulative Purchases of JGBs since 2007 (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_39.csv){rel="external" type="application/octet-stream"}
- **figure2_4**
  - [figure2_4 (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/figure2_4.csv.md){rel="alternate" type="text/markdown"}
  - [figure2_4 (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_4.csv){rel="external" type="application/octet-stream"}
- **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)](/external/pubs/ft/GFSR/2012/02/c2/figure2_40.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.40. Bank Holdings of Government Debt in Japan under Current Trends, 2012-17 (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_40.csv){rel="external" type="application/octet-stream"}
- **Figure 2.41. Foreign Claims of Foreign Banks**
  - [Figure 2.41. Foreign Claims of Foreign Banks (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/figure2_41.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.41. Foreign Claims of Foreign Banks (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_41.csv){rel="external" type="application/octet-stream"}
- **Figure 2.42. Foreign Holdings of Japan Government Bonds and Bills**
  - [Figure 2.42. Foreign Holdings of Japan Government Bonds and Bills (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/figure2_42.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.42. Foreign Holdings of Japan Government Bonds and Bills (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_42.csv){rel="external" type="application/octet-stream"}
- **Figure 2.43. Assets under Management**
  - [Figure 2.43. Assets under Management (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/figure2_43.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.43. Assets under Management (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_43.csv){rel="external" type="application/octet-stream"}
- **Figure2 44**
  - [Figure2 44 (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/figure2_44.csv.md){rel="alternate" type="text/markdown"}
  - [Figure2 44 (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_44.csv){rel="external" type="application/octet-stream"}
- **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)](/external/pubs/ft/GFSR/2012/02/c2/figure2_46.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.46. Relative Sensitivity to Sovereign CDS to CDS of Euro Area Periphery, 2011-12 (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_46.csv){rel="external" type="application/octet-stream"}
- **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)](/external/pubs/ft/GFSR/2012/02/c2/figure2_47.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.47. Net International Investment Position versus Gross External Debt, 2011 (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_47.csv){rel="external" type="application/octet-stream"}
- **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)](/external/pubs/ft/GFSR/2012/02/c2/figure2_48.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.48. Share of Foreign Currency-Denominated Loans in Total Loans (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_48.csv){rel="external" type="application/octet-stream"}
- **Figure 2.49. Ratio of Nonperforming Loans to Total Loans**
  - [Figure 2.49. Ratio of Nonperforming Loans to Total Loans (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/figure2_49.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.49. Ratio of Nonperforming Loans to Total Loans (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_49.csv){rel="external" type="application/octet-stream"}
- **Figure 2.5. Periphery Minus Core Bank Credit Default Swap Spreads**
  - [Figure 2.5. Periphery Minus Core Bank Credit Default Swap Spreads (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/figure2_5.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.5. Periphery Minus Core Bank Credit Default Swap Spreads (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_5.csv){rel="external" type="application/octet-stream"}
- **Figure2 50**
  - [Figure2 50 (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/figure2_50.csv.md){rel="alternate" type="text/markdown"}
  - [Figure2 50 (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_50.csv){rel="external" type="application/octet-stream"}
- **Figure 2.51. Nonresident Holdings of Government Debt and Market Liquidity**
  - [Figure 2.51. Nonresident Holdings of Government Debt and Market Liquidity (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/figure2_51.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.51. Nonresident Holdings of Government Debt and Market Liquidity (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_51.csv){rel="external" type="application/octet-stream"}
- **Figure2 52**
  - [Figure2 52 (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/figure2_52.csv.md){rel="alternate" type="text/markdown"}
  - [Figure2 52 (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_52.csv){rel="external" type="application/octet-stream"}
- **Figure 2.54. Private Sector Credit, 2011 versus 2006**
  - [Figure 2.54. Private Sector Credit, 2011 versus 2006 (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/figure2_54.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.54. Private Sector Credit, 2011 versus 2006 (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_54.csv){rel="external" type="application/octet-stream"}
- **Figure 2.55. Cumulative Change in Real House Prices, 2006-11**
  - [Figure 2.55. Cumulative Change in Real House Prices, 2006-11 (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/figure2_55.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.55. Cumulative Change in Real House Prices, 2006-11 (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_55.csv){rel="external" type="application/octet-stream"}
- **Figure 2.56. Nonperforming Loans, 2011 versus 2008**
  - [Figure 2.56. Nonperforming Loans, 2011 versus 2008 (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/figure2_56.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.56. Nonperforming Loans, 2011 versus 2008 (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_56.csv){rel="external" type="application/octet-stream"}
- **Figure 2.6. Euro Area Bank Debt Issuance**
  - [Figure 2.6. Euro Area Bank Debt Issuance (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/figure2_6.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.6. Euro Area Bank Debt Issuance (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_6.csv){rel="external" type="application/octet-stream"}
- **Figure 2.7. Bank Deposit Flows in the Euro Area**
  - [Figure 2.7. Bank Deposit Flows in the Euro Area (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/figure2_7.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.7. Bank Deposit Flows in the Euro Area (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_7.csv){rel="external" type="application/octet-stream"}
- **Figure 2.8. Bank Customer Deposit Trends**
  - [Figure 2.8. Bank Customer Deposit Trends (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/figure2_8.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.8. Bank Customer Deposit Trends (CSV)](/external/pubs/ft/GFSR/2012/02/c2/figure2_8.csv){rel="external" type="application/octet-stream"}
- **Table 2.1. Indebtedness and Leverage in Selected Advanced Economies**
  - [Table 2.1. Indebtedness and Leverage in Selected Advanced Economies (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/table2_1.csv.md){rel="alternate" type="text/markdown"}
  - [Table 2.1. Indebtedness and Leverage in Selected Advanced Economies (CSV)](/external/pubs/ft/GFSR/2012/02/c2/table2_1.csv){rel="external" type="application/octet-stream"}
- **Table 2.2. Banking Financial Stability Indicators**
  - [Table 2.2. Banking Financial Stability Indicators (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/table2_2.csv.md){rel="alternate" type="text/markdown"}
  - [Table 2.2. Banking Financial Stability Indicators (CSV)](/external/pubs/ft/GFSR/2012/02/c2/table2_2.csv){rel="external" type="application/octet-stream"}
- **Table 2.3. Sovereign Market and Vulnerability Indicators**
  - [Table 2.3. Sovereign Market and Vulnerability Indicators (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/table2_3.csv.md){rel="alternate" type="text/markdown"}
  - [Table 2.3. Sovereign Market and Vulnerability Indicators (CSV)](/external/pubs/ft/GFSR/2012/02/c2/table2_3.csv){rel="external" type="application/octet-stream"}
- **Table 2.5. Holdings of Treasury Securities, by Sector**
  - [Table 2.5. Holdings of Treasury Securities, by Sector (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/table2_5.csv.md){rel="alternate" type="text/markdown"}
  - [Table 2.5. Holdings of Treasury Securities, by Sector (CSV)](/external/pubs/ft/GFSR/2012/02/c2/table2_5.csv){rel="external" type="application/octet-stream"}
- **dataset overview**
  - [dataset overview (Markdown version)](/external/pubs/ft/GFSR/2012/02/c2/table2_6.csv.md){rel="alternate" type="text/markdown"}
  - [dataset overview (CSV)](/external/pubs/ft/GFSR/2012/02/c2/table2_6.csv){rel="external" type="application/octet-stream"}
- **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)](/external/pubs/ft/GFSR/2012/02/c2/table2_8.csv.md){rel="alternate" type="text/markdown"}
  - [Table 2.8. Indicators of Vulnerability and Policy Space for Emerging Market and Other Economies (CSV)](/external/pubs/ft/GFSR/2012/02/c2/table2_8.csv){rel="external" type="application/octet-stream"}
- **Figure 3.1. Size of the Global Financial System**
  - [Figure 3.1. Size of the Global Financial System (Markdown version)](/external/pubs/ft/GFSR/2012/02/c3/figure3_1.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 3.1. Size of the Global Financial System (CSV)](/external/pubs/ft/GFSR/2012/02/c3/figure3_1.csv){rel="external" type="application/octet-stream"}
- **Figure 3.3. Market-Based Intermediation: New Financial Products**
  - [Figure 3.3. Market-Based Intermediation: New Financial Products (Markdown version)](/external/pubs/ft/GFSR/2012/02/c3/figure3_3.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 3.3. Market-Based Intermediation: New Financial Products (CSV)](/external/pubs/ft/GFSR/2012/02/c3/figure3_3.csv){rel="external" type="application/octet-stream"}
- **Figure 1. Major Net Exporters and Importers of Capital in 2011**
  - [Figure 1. Major Net Exporters and Importers of Capital in 2011 (Markdown version)](/external/pubs/ft/GFSR/2012/02/sa/sa_figure1.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1. Major Net Exporters and Importers of Capital in 2011 (CSV)](/external/pubs/ft/GFSR/2012/02/sa/sa_figure1.csv){rel="external" type="application/octet-stream"}
- **Figure 6. United States: Corporate Bond Market**
  - [Figure 6. United States: Corporate Bond Market (Markdown version)](/external/pubs/ft/GFSR/2012/02/sa/sa_figure6.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 6. United States: Corporate Bond Market (CSV)](/external/pubs/ft/GFSR/2012/02/sa/sa_figure6.csv){rel="external" type="application/octet-stream"}
- **Figure 7. Euro Area: Corporate Bond Market**
  - [Figure 7. Euro Area: Corporate Bond Market (Markdown version)](/external/pubs/ft/GFSR/2012/02/sa/sa_figure7.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 7. Euro Area: Corporate Bond Market (CSV)](/external/pubs/ft/GFSR/2012/02/sa/sa_figure7.csv){rel="external" type="application/octet-stream"}
- **Figure 8. United States: Commercial Paper Market**
  - [Figure 8. United States: Commercial Paper Market (Markdown version)](/external/pubs/ft/GFSR/2012/02/sa/sa_figure8.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 8. United States: Commercial Paper Market (CSV)](/external/pubs/ft/GFSR/2012/02/sa/sa_figure8.csv){rel="external" type="application/octet-stream"}
- **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)](/external/pubs/ft/GFSR/2012/02/sa/sa_table1.csv.md){rel="alternate" type="text/markdown"}
  - [Table 1. Selected Indicators on the Size of the Capital Markets, 2011 (CSV)](/external/pubs/ft/GFSR/2012/02/sa/sa_table1.csv){rel="external" type="application/octet-stream"}
- **Table 10. Emerging Markets: Mutual Funds**
  - [Table 10. Emerging Markets: Mutual Funds (Markdown version)](/external/pubs/ft/GFSR/2012/02/sa/sa_table10.csv.md){rel="alternate" type="text/markdown"}
  - [Table 10. Emerging Markets: Mutual Funds (CSV)](/external/pubs/ft/GFSR/2012/02/sa/sa_table10.csv){rel="external" type="application/octet-stream"}
- **Table 2. MSCI Equity Market Indices**
  - [Table 2. MSCI Equity Market Indices (Markdown version)](/external/pubs/ft/GFSR/2012/02/sa/sa_table2.csv.md){rel="alternate" type="text/markdown"}
  - [Table 2. MSCI Equity Market Indices (CSV)](/external/pubs/ft/GFSR/2012/02/sa/sa_table2.csv){rel="external" type="application/octet-stream"}
- **Table 3. Emerging Markets Bond Index: EMBI Global Sovereign Yield Spreads**
  - [Table 3. Emerging Markets Bond Index: EMBI Global Sovereign Yield Spreads (Markdown version)](/external/pubs/ft/GFSR/2012/02/sa/sa_table3.csv.md){rel="alternate" type="text/markdown"}
  - [Table 3. Emerging Markets Bond Index: EMBI Global Sovereign Yield Spreads (CSV)](/external/pubs/ft/GFSR/2012/02/sa/sa_table3.csv){rel="external" type="application/octet-stream"}
- **Table 4.  Emerging Market External Financing: Total Bonds, Equities, and Loans**
  - [Table 4.  Emerging Market External Financing: Total Bonds, Equities, and Loans (Markdown version)](/external/pubs/ft/GFSR/2012/02/sa/sa_table4.csv.md){rel="alternate" type="text/markdown"}
  - [Table 4.  Emerging Market External Financing: Total Bonds, Equities, and Loans (CSV)](/external/pubs/ft/GFSR/2012/02/sa/sa_table4.csv){rel="external" type="application/octet-stream"}
- **Table 5. Emerging Market External Financing: Bonds**
  - [Table 5. Emerging Market External Financing: Bonds (Markdown version)](/external/pubs/ft/GFSR/2012/02/sa/sa_table5.csv.md){rel="alternate" type="text/markdown"}
  - [Table 5. Emerging Market External Financing: Bonds (CSV)](/external/pubs/ft/GFSR/2012/02/sa/sa_table5.csv){rel="external" type="application/octet-stream"}
- **Table 6. Emerging Market External Financing: Equities**
  - [Table 6. Emerging Market External Financing: Equities (Markdown version)](/external/pubs/ft/GFSR/2012/02/sa/sa_table6.csv.md){rel="alternate" type="text/markdown"}
  - [Table 6. Emerging Market External Financing: Equities (CSV)](/external/pubs/ft/GFSR/2012/02/sa/sa_table6.csv){rel="external" type="application/octet-stream"}
- **Table 7.  Emerging Market External Financing: Loans**
  - [Table 7.  Emerging Market External Financing: Loans (Markdown version)](/external/pubs/ft/GFSR/2012/02/sa/sa_table7.csv.md){rel="alternate" type="text/markdown"}
  - [Table 7.  Emerging Market External Financing: Loans (CSV)](/external/pubs/ft/GFSR/2012/02/sa/sa_table7.csv){rel="external" type="application/octet-stream"}
- **Table 8. Equity Valuation Measures: Dividend-Yield Ratios**
  - [Table 8. Equity Valuation Measures: Dividend-Yield Ratios (Markdown version)](/external/pubs/ft/GFSR/2012/02/sa/sa_table8.csv.md){rel="alternate" type="text/markdown"}
  - [Table 8. Equity Valuation Measures: Dividend-Yield Ratios (CSV)](/external/pubs/ft/GFSR/2012/02/sa/sa_table8.csv){rel="external" type="application/octet-stream"}
- **Table 9. Equity Valuation Measures: Price/Earnings Ratios**
  - [Table 9. Equity Valuation Measures: Price/Earnings Ratios (Markdown version)](/external/pubs/ft/GFSR/2012/02/sa/sa_table9.csv.md){rel="alternate" type="text/markdown"}
  - [Table 9. Equity Valuation Measures: Price/Earnings Ratios (CSV)](/external/pubs/ft/GFSR/2012/02/sa/sa_table9.csv){rel="external" type="application/octet-stream"}
- **ملخص وافٍ لتقرير الاستقرار المالي العالمي**
  - [ملخص وافٍ لتقرير الاستقرار المالي العالمي (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/gfsr/2012/02/pdf/suma.pdf.md){rel="alternate" type="text/markdown"}
  - [ملخص وافٍ لتقرير الاستقرار المالي العالمي (PDF)](/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/gfsr/2012/02/pdf/suma.pdf){rel="external" type="application/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)](/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/gfsr/2012/02/pdf/sumc.pdf.md){rel="alternate" type="text/markdown"}
  - [2012 年10 月期《全球金融稳定报告》-- 概要, 2012年10月10日 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/gfsr/2012/02/pdf/sumc.pdf){rel="external" type="application/pdf"}
- **Résumé Analytique : Rapport sur la stabilité financière dans le monde**
  - [Résumé Analytique : Rapport sur la stabilité financière dans le monde (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/gfsr/2012/02/pdf/sumf.pdf.md){rel="alternate" type="text/markdown"}
  - [Résumé Analytique : Rapport sur la stabilité financière dans le monde (PDF)](/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/gfsr/2012/02/pdf/sumf.pdf){rel="external" type="application/pdf"}
- **国際金融安定性報告書**
  - [国際金融安定性報告書 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/japanese/pubs/ft/gfsr/2012/02/pdf/sumj.pdf.md){rel="alternate" type="text/markdown"}
  - [国際金融安定性報告書 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/japanese/pubs/ft/gfsr/2012/02/pdf/sumj.pdf){rel="external" type="application/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)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_3sumpdf.pdf.md){rel="alternate" type="text/markdown"}
  - [the reFOrM aGeNDa: aN INterIM repOrt ON prOGreSS tOWarD a SaFer FINaNcIaL SYSteM (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_3sumpdf.pdf){rel="external" type="application/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)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_4sumpdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Chapter 4: Changing Global Financial Structures: Can They Improve Economic Outcomes? (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_4sumpdf.pdf){rel="external" type="application/pdf"}
- **_c1pdf**
  - [_c1pdf (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_c1pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [_c1pdf (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_c1pdf.pdf){rel="external" type="application/pdf"}
- **ChapteR 2 RestORing COnfidenCe and COntaining glObal spillOveRs**
  - [ChapteR 2 RestORing COnfidenCe and COntaining glObal spillOveRs (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_c2pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [ChapteR 2 RestORing COnfidenCe and COntaining glObal spillOveRs (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_c2pdf.pdf){rel="external" type="application/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)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_c3pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Chapter 3: The Reform Agenda: An Interim Report on Progress T Oward A Safer Financial System (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_c3pdf.pdf){rel="external" type="application/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)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_c4pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Chapter 4: Changing Global Financial Structures: Can They Improve Economic Outcomes? (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_c4pdf.pdf){rel="external" type="application/pdf"}
- **eXeCUtIVe sUMMARY**
  - [eXeCUtIVe sUMMARY (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_exesumpdf.pdf.md){rel="alternate" type="text/markdown"}
  - [eXeCUtIVe sUMMARY (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_exesumpdf.pdf){rel="external" type="application/pdf"}
- **Preface**
  - [Preface (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_prefacepdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Preface (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_prefacepdf.pdf){rel="external" type="application/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)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_press12pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Restoring Confidence and Containing Global Spillovers: Press Points for Chapters 1-2 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_press12pdf.pdf){rel="external" type="application/pdf"}
- **Statistical Appendix -- Global Financial Stability Report; October 2012**
  - [Statistical Appendix -- Global Financial Stability Report; October 2012 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_statapppdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Statistical Appendix -- Global Financial Stability Report; October 2012 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_statapppdf.pdf){rel="external" type="application/pdf"}
- **Textpdf**
  - [Textpdf (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_textpdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Textpdf (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2012/02/pdf/_textpdf.pdf){rel="external" type="application/pdf"}
- **sumr**
  - [sumr (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/russian/pubs/ft/gfsr/2012/02/pdf/sumr.pdf.md){rel="alternate" type="text/markdown"}
  - [sumr (PDF)](/-/media/websites/imf/imported-flagship-issues/external/russian/pubs/ft/gfsr/2012/02/pdf/sumr.pdf){rel="external" type="application/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)](/-/media/websites/imf/imported-flagship-issues/external/spanish/pubs/ft/gfsr/2012/02/pdf/sums.pdf.md){rel="alternate" type="text/markdown"}
  - [Resumen ejecutivo -- Informe sobre la estabilidad financiera mundial -- Octubre de 2012 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/spanish/pubs/ft/gfsr/2012/02/pdf/sums.pdf){rel="external" type="application/pdf"}

---

## References

- [Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.](https://www.imf.org/en/email-subscription/index)
- [Modify your profile](https://www.imf.org/en/email-subscription/login)
- [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/)

_Source: https://www.imf.org/en/publications/gfsr/issues/2016/12/31/restoring-confidence-and-progressing-on-reforms_