IMF Global Financial Stability Report: Risk Taking, Liquidity, and Shadow Banking: Curbing Excess While Promoting Growth

Global Financial Stability Report, October 1, 2014

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IMF Global Financial Stability Report: Risk Taking, Liquidity, and Shadow Banking: Curbing Excess While Promoting Growth

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Bibliographic details

• Published: October 1, 2014
• Series: Global Financial Stability Report

Overview

• Publication date: October 2014.
• Context: "six years after the start of the crisis, the global economic recovery continues to rely heavily on accommodative monetary policies in advanced economies."
• Central tension: Monetary accommodation supports economic risk taking (increased real spending by households; greater willingness to invest and hire by businesses) but "prolonged monetary ease may also encourage excessive financial risk taking."

Chapter 1 — Improving the Balance Between Financial and Economic Risk Taking

• Key finding: "Although economic benefits of monetary ease are becoming more evident in some economies, market and liquidity risks have increased to levels that could compromise financial stability if left unaddressed."
• Recommended approach:
  • "Put in place policies that enhance the transmission of monetary policy to the real economy—thus promoting economic risk taking."
  • "Address financial excesses through well-designed macroprudential measures."
• Survey and data elements listed (examples of content types included in chapter):
  • Tables such as 1.1 Corporate and Banking Sector Fundamentals; 1.4 Key Macroprudential Policy Recommendations and Recent Country Examples; 1.7 Major Recent Regulatory Measures and Potential Impacts on Select Bank Business Lines.
  • Figures and charts including 1.1 Global Financial Stability Map; 1.3 United States: How Far Along the Exit Process?; 1.20 Market Liquidity: Rising Flow but Deteriorating Depth; 1.27 Stretched Valuations across Asset Classes.

Chapter 2 — Shadow Banking Around the Globe: How Large, and How Risky?

• Scope: "Examines the growth of shadow banking around the globe, assessing risks and discussing regulatory responses."
• Common drivers identified: "search for yield, regulatory circumvention, and demand by institutional investors."
• Comparative assessment: "The contribution of shadow banks to systemic risks in the financial system is much larger in the United States than in Europe."
• Policy call: "A more encompassing (macroprudential) approach to regulation and for enhanced data provision."
• Boxes and data elements included (examples): 2.1 The Run on the Shadow Banking System and Bank Losses during the Financial Crisis; 2.3 China: Bank Characteristics and Wealth Management Product Issuance; 2.14 Policy Framework to Mitigate Shadow Banking Risks.
• Measurement and empirical material noted: panel regressions (1990−2013; 2002-2012), broad and narrow shadow banking measures, subsector analysis, drivers and sensitivity analyses.

Chapter 3 — Risk Taking By Banks: The Role of Governance and Executive Pay

• Core issues: "Conflicts of interest between bank managers, shareholders, and debt holders can lead to excessive bank risk taking from society’s point of view."
• Key empirical findings:
  • "Banks with boards of directors independent from management take less risk."
  • "There is no clear relation between bank risk and the level of executive compensation, but a better alignment of bankers’ pay with long-term outcomes is associated with less risk."
• Analytical and regulatory components included (examples): 3.1 Types of Executive Compensation; 3.2 Trends in the Regulation of Bankers’ Pay; 3.6 Summary Results of the Empirical Analysis.

Policy Recommendations and Prescriptions

• Enhance monetary policy transmission to support economic risk taking (so monetary accommodation better reaches households and businesses).
• Deploy well-designed macroprudential measures to address financial excesses and rising market and liquidity risks.
• Adopt a more encompassing macroprudential regulatory approach to shadow banking and improve data provision to monitor shadow banking growth and risks.
• Improve bank governance: increase board independence and align executive compensation with long-term outcomes to reduce excessive bank risk taking.

Technical and Statistical Notes (extracts)

• Symbols and conventions used in appendix:
  • ". . . to indicate that data are not available;"
  • "—— to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;"
  • "- between years and months (for example, 2008–09 or January–June) to indicate the years or months covered, including the beginning and ending years or months;"
  • "/ 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 on rounding: "Minor discrepancies between constituent figures and totals are due to rounding."

IMF Global Financial Stability Report: Risk Taking, Liquidity, and Shadow Banking: Curbing Excess While Promoting Growth (October 2014).

Content in this bundle

• Figure 1.1. Global Financial Stability Map
  • Figure 1.1. Global Financial Stability Map (Markdown version)
  • Figure 1.1. Global Financial Stability Map (CSV)
• Figure 1.10. Financial Risk Taking and Volatility
  • Figure 1.10. Financial Risk Taking and Volatility (Markdown version)
  • Figure 1.10. Financial Risk Taking and Volatility (CSV)
• Figure 1.11. United States: Nonfinancial Corporations� Credit Fundamentals
  • Figure 1.11. United States: Nonfinancial Corporations� Credit Fundamentals (Markdown version)
  • Figure 1.11. United States: Nonfinancial Corporations� Credit Fundamentals (CSV)
• Figure 1.12. United States: Equity Market Fundamentals
  • Figure 1.12. United States: Equity Market Fundamentals (Markdown version)
  • Figure 1.12. United States: Equity Market Fundamentals (CSV)
• figure1_13 — Emerging Market Corporate Debt and Fundamentals
  • figure1_13 — Emerging Market Corporate Debt and Fundamentals (Markdown version)
  • figure1_13 — Emerging Market Corporate Debt and Fundamentals (CSV)
• Figure 1.14. China Corporate Indicators
  • Figure 1.14. China Corporate Indicators (Markdown version)
  • Figure 1.14. China Corporate Indicators (CSV)
• Figure 1.15. China’s Shadow Banking and Real Estate Markets
  • Figure 1.15. China’s Shadow Banking and Real Estate Markets (Markdown version)
  • Figure 1.15. China’s Shadow Banking and Real Estate Markets (CSV)
• Figure1 16
  • Figure1 16 (Markdown version)
  • Figure1 16 (CSV)
• Figure 1.17. Bank Balance Sheets and Profitability
  • Figure 1.17. Bank Balance Sheets and Profitability (Markdown version)
  • Figure 1.17. Bank Balance Sheets and Profitability (CSV)
• Figure 1.18. Where Are Banks in Their Transition to New Business Models?
  • Figure 1.18. Where Are Banks in Their Transition to New Business Models? (Markdown version)
  • Figure 1.18. Where Are Banks in Their Transition to New Business Models? (CSV)
• Figure 1.19. Bank Lending and Nonbank Sources of Credit
  • Figure 1.19. Bank Lending and Nonbank Sources of Credit (Markdown version)
  • Figure 1.19. Bank Lending and Nonbank Sources of Credit (CSV)
• Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions
  • Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions (Markdown version)
  • Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions (CSV)
• Figure 1.20. Market Liquidity: Rising Flow but Deteriorating Depth
  • Figure 1.20. Market Liquidity: Rising Flow but Deteriorating Depth (Markdown version)
  • Figure 1.20. Market Liquidity: Rising Flow but Deteriorating Depth (CSV)
• Figure 1.23 Liquidity Risk Amplifiers
  • Figure 1.23 Liquidity Risk Amplifiers (Markdown version)
  • Figure 1.23 Liquidity Risk Amplifiers (CSV)
• Figure 1.24. Flows and Concentration of Asset Allocations to Emerging Markets
  • Figure 1.24. Flows and Concentration of Asset Allocations to Emerging Markets (Markdown version)
  • Figure 1.24. Flows and Concentration of Asset Allocations to Emerging Markets (CSV)
• Figure 1.25. Volatility Developments
  • Figure 1.25. Volatility Developments (Markdown version)
  • Figure 1.25. Volatility Developments (CSV)
• Figure1 26
  • Figure1 26 (Markdown version)
  • Figure1 26 (CSV)
• Figure 1.27. Stretched Valuations across Asset Classes
  • Figure 1.27. Stretched Valuations across Asset Classes (Markdown version)
  • Figure 1.27. Stretched Valuations across Asset Classes (CSV)
• Figure1 28
  • Figure1 28 (Markdown version)
  • Figure1 28 (CSV)
• Figure 1.3. United States: How Far along the Exit Process?
  • Figure 1.3. United States: How Far along the Exit Process? (Markdown version)
  • Figure 1.3. United States: How Far along the Exit Process? (CSV)
• Figure 1.4. Emerging Market Developments
  • Figure 1.4. Emerging Market Developments (Markdown version)
  • Figure 1.4. Emerging Market Developments (CSV)
• Figure 1.5. Financial Markets are Buoyant, Despite Economic Disappointments
  • Figure 1.5. Financial Markets are Buoyant, Despite Economic Disappointments (Markdown version)
  • Figure 1.5. Financial Markets are Buoyant, Despite Economic Disappointments (CSV)
• Figure 1.6. Global Heat Maps
  • Figure 1.6. Global Heat Maps (Markdown version)
  • Figure 1.6. Global Heat Maps (CSV)
• Figure 1.7. Indebtedness and Leverage in Selected Advanced Economies
  • Figure 1.7. Indebtedness and Leverage in Selected Advanced Economies (Markdown version)
  • Figure 1.7. Indebtedness and Leverage in Selected Advanced Economies (CSV)
• figure1_8
  • figure1_8 (Markdown version)
  • figure1_8 (CSV)
• Figure 1.9. Euro Area Nonfinancial Firms: Capital Expenditure Developments
  • Figure 1.9. Euro Area Nonfinancial Firms: Capital Expenditure Developments (Markdown version)
  • Figure 1.9. Euro Area Nonfinancial Firms: Capital Expenditure Developments (CSV)
• Figure 2.2.1. New Shadow Banking Developments and Risks
  • Figure 2.2.1. New Shadow Banking Developments and Risks (Markdown version)
  • Figure 2.2.1. New Shadow Banking Developments and Risks (CSV)
• Figure 2.11. Systemic Risk and Interdependence of Financial Intermediaries
  • Figure 2.11. Systemic Risk and Interdependence of Financial Intermediaries (Markdown version)
  • Figure 2.11. Systemic Risk and Interdependence of Financial Intermediaries (CSV)
• Figure2 12
  • Figure2 12 (Markdown version)
  • Figure2 12 (CSV)
• Figure 2.2. Lending by Shadow Banks
  • Figure 2.2. Lending by Shadow Banks (Markdown version)
  • Figure 2.2. Lending by Shadow Banks (CSV)
• Figure 2.6. Size of the Shadow Banking Markets
  • Figure 2.6. Size of the Shadow Banking Markets (Markdown version)
  • Figure 2.6. Size of the Shadow Banking Markets (CSV)
• Box Figure 3.4.1. Customer Complaints by Sector
  • Box Figure 3.4.1. Customer Complaints by Sector (Markdown version)
  • Box Figure 3.4.1. Customer Complaints by Sector (CSV)
• Figure 3.1. Corporate Complexity and Opacity: Dispersion of Earnings-per-Share Forecasts by Sector
  • Figure 3.1. Corporate Complexity and Opacity: Dispersion of Earnings-per-Share Forecasts by Sector (Markdown version)
  • Figure 3.1. Corporate Complexity and Opacity: Dispersion of Earnings-per-Share Forecasts by Sector (CSV)
• Figure 3.2. Trends in Compensation Practices in Banks
  • Figure 3.2. Trends in Compensation Practices in Banks (Markdown version)
  • Figure 3.2. Trends in Compensation Practices in Banks (CSV)
• Figure 3.3 Summary Statistics of Board and Ownership Structures in Banks
  • Figure 3.3 Summary Statistics of Board and Ownership Structures in Banks (Markdown version)
  • Figure 3.3 Summary Statistics of Board and Ownership Structures in Banks (CSV)
• Figure 1. Major Net Exporters and Importers of Capital, 2013
  • Figure 1. Major Net Exporters and Importers of Capital, 2013 (Markdown version)
  • Figure 1. Major Net Exporters and Importers of Capital, 2013 (CSV)
• sa_figure6 — Dataset overview
  • sa_figure6 — Dataset overview (Markdown version)
  • sa_figure6 — Dataset overview (CSV)
• Figure 7. Euro Area Corporate Bond Market
  • Figure 7. Euro Area Corporate Bond Market (Markdown version)
  • Figure 7. Euro Area Corporate Bond Market (CSV)
• Figure 8. U.S. Commercial Paper Market
  • Figure 8. U.S. Commercial Paper Market (Markdown version)
  • Figure 8. U.S. Commercial Paper Market (CSV)
• Table 1. Capital Market Size: Selected Indicators, 2013
  • Table 1. Capital Market Size: Selected Indicators, 2013 (Markdown version)
  • Table 1. Capital Market Size: Selected Indicators, 2013 (CSV)
• Table 10. Emerging Markets: Mutual Funds
  • Table 10. Emerging Markets: Mutual Funds (Markdown version)
  • Table 10. Emerging Markets: Mutual Funds (CSV)
• Table 2. MSCI Equity Market Indices
  • Table 2. MSCI Equity Market Indices (Markdown version)
  • Table 2. MSCI Equity Market Indices (CSV)
• Table 3. Emerging Markets Bond Index: EMBI Global Sovereign Yield Spreads
  • Table 3. Emerging Markets Bond Index: EMBI Global Sovereign Yield Spreads (Markdown version)
  • Table 3. Emerging Markets Bond Index: EMBI Global Sovereign Yield Spreads (CSV)
• Table 4. Emerging Market Private External Financing: Total Bonds, Equities, and Loans
  • Table 4. Emerging Market Private External Financing: Total Bonds, Equities, and Loans (Markdown version)
  • Table 4. Emerging Market Private External Financing: Total Bonds, Equities, and Loans (CSV)
• Table 5. Emerging Market Private External Financing: Bonds
  • Table 5. Emerging Market Private External Financing: Bonds (Markdown version)
  • Table 5. Emerging Market Private External Financing: Bonds (CSV)
• Table 6. Emerging Market Private External Financing: Equity
  • Table 6. Emerging Market Private External Financing: Equity (Markdown version)
  • Table 6. Emerging Market Private External Financing: Equity (CSV)
• Table 7. Emerging Market Private External Financing: Loans
  • Table 7. Emerging Market Private External Financing: Loans (Markdown version)
  • Table 7. Emerging Market Private External Financing: Loans (CSV)
• Table 8. Equity Valuation Measures: Dividend-Yield Ratios
  • Table 8. Equity Valuation Measures: Dividend-Yield Ratios (Markdown version)
  • Table 8. Equity Valuation Measures: Dividend-Yield Ratios (CSV)
• Table 9. Equity Valuation Measures: Price/Earnings Ratios
  • Table 9. Equity Valuation Measures: Price/Earnings Ratios (Markdown version)
  • Table 9. Equity Valuation Measures: Price/Earnings Ratios (CSV)
• تقرير الاستقرار المالي العالمي: ملخص الفصل الثاني والفصل الثالث - أكتوبر 2014
  • تقرير الاستقرار المالي العالمي: ملخص الفصل الثاني والفصل الثالث - أكتوبر 2014 (Markdown version)
  • تقرير الاستقرار المالي العالمي: ملخص الفصل الثاني والفصل الثالث - أكتوبر 2014 (PDF)
• execsuma
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• 全球金融稳定报告第二、三章摘要;2014年10月;风险承担、流动性和影子银行：遏制过高风险承担，同时促进经济增长
  • 全球金融稳定报告第二、三章摘要;2014年10月;风险承担、流动性和影子银行：遏制过高风险承担，同时促进经济增长 (Markdown version)
  • 全球金融稳定报告第二、三章摘要;2014年10月;风险承担、流动性和影子银行：遏制过高风险承担，同时促进经济增长 (PDF)
• 2014年10月《全球金融稳定报告》概要
  • 2014年10月《全球金融稳定报告》概要 (Markdown version)
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  • 对金融系统来说，影子银行是福亦是祸; 基金组织概览; 2014 年10月1日 (Markdown version)
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  • 需改善银行薪酬及治理，以提高金融系统安全性; 基金组织概览; 2014年10月1日 (Markdown version)
  • 需改善银行薪酬及治理，以提高金融系统安全性; 基金组织概览; 2014年10月1日 (PDF)
• Chapitres 2 et 3 — Synthèse
  • Chapitres 2 et 3 — Synthèse (Markdown version)
  • Chapitres 2 et 3 — Synthèse (PDF)
• execsumf
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• 国際金融安定性報告書: リスクテイク、流動性、影の銀行部門：経済成長を支えつつ行き過ぎを防ぐためには; 2014年10月, 第二章、三章要旨
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  • 国際金融安定性報告書: リスクテイク、流動性、影の銀行部門：経済成長を支えつつ行き過ぎを防ぐためには; 2014年10月, 第二章、三章要旨 (PDF)
• 国際金融安定性報告書
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• GFSR- October 2014: Executive Summary
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• GFSR- October 2014: Executive Summary
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• GFSR- October 2014: Preface
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• Global Financial Stability Report- October 2014: Statistical Appendix
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• GFSR- October 2014: Chapter 2 and Chapter 3 Summaries
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• Shadow Banking Around the Globe: How Large, and How Risky?
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• Risk Taking by Banks: The Role of Governance and Executive Pay
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• SA_Fig 4_Selected Spreads
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• SA_Fig 5_Implied vol
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• Резюме по главам 2 и 3 -- Доклад по вопросам глобальной финансовой стабильности, oктябрь 2014 года
  • Резюме по главам 2 и 3 -- Доклад по вопросам глобальной финансовой стабильности, oктябрь 2014 года (Markdown version)
  • Резюме по главам 2 и 3 -- Доклад по вопросам глобальной финансовой стабильности, oктябрь 2014 года (PDF)
• Аналитическое резюме -- Доклад по вопросам глобальной финансовой стабильности, октябрь 2014 года
  • Аналитическое резюме -- Доклад по вопросам глобальной финансовой стабильности, октябрь 2014 года (Markdown version)
  • Аналитическое резюме -- Доклад по вопросам глобальной финансовой стабильности, октябрь 2014 года (PDF)
• Informe sobre la estabilidad financiera mundial - Resúmenes de los capítulos 2 y 3; Octubre de 2014
  • Informe sobre la estabilidad financiera mundial - Resúmenes de los capítulos 2 y 3; Octubre de 2014 (Markdown version)
  • Informe sobre la estabilidad financiera mundial - Resúmenes de los capítulos 2 y 3; Octubre de 2014 (PDF)
• Informe sobre la estabilidad financiera mundial - Resumen Ejecutivo; Octubre de 2014
  • Informe sobre la estabilidad financiera mundial - Resumen Ejecutivo; Octubre de 2014 (Markdown version)
  • Informe sobre la estabilidad financiera mundial - Resumen Ejecutivo; Octubre de 2014 (PDF)

References

• Policymakers Should Encourage Economic Risk Taking, Keep Financial Excess Under Control
• The New Global Imbalance: Too Much Financial Risk-Taking, Not Enough Economic-Risk Taking
• Shadow Banking is Boon & Bane for Financial System
• Bank Compensation, Governance Need Upgrade to Make Financial System Safer
• The Growth of Shadow Banking
• Ordering Information
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• Survey Article: Chapter 2
• Survey Article: Chapter 3
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• Financial Soundness Indicators