{
  "title": "IMF Global Financial Stability Report: Risk Taking, Liquidity, and Shadow Banking: Curbing Excess While Promoting Growth",
  "publication": "Global Financial Stability Report, October 1, 2014",
  "sourceUrl": "https://www.imf.org/en/publications/gfsr/issues/2016/12/31/risk-taking-liquidity-and-shadow-banking-curbing-excess-while-promoting-growth",
  "canonical": "https://www.imf.org/en/publications/gfsr/issues/2016/12/31/risk-taking-liquidity-and-shadow-banking-curbing-excess-while-promoting-growth",
  "overlayPath": "/en/publications/gfsr/issues/2016/12/31/risk-taking-liquidity-and-shadow-banking-curbing-excess-while-promoting-growth/index.md",
  "summary": "The October 2014 Global Financial Stability Report (GFSR) finds that six years after the start of the crisis, the global economic recovery continues to rely heavily on accommodative monetary policies in advanced economies.",
  "publishDate": "2014-10-01",
  "series": "Global Financial Stability Report",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Publication date: October 2014.\n- Context: \"six years after the start of the crisis, the global economic recovery continues to rely heavily on accommodative monetary policies in advanced economies.\"\n- 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.\""
    },
    {
      "heading": "Chapter 1 — Improving the Balance Between Financial and Economic Risk Taking",
      "content": "- 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.\"\n- Recommended approach: \n  - \"Put in place policies that enhance the transmission of monetary policy to the real economy—thus promoting economic risk taking.\"\n  - \"Address financial excesses through well-designed macroprudential measures.\"\n- Survey and data elements listed (examples of content types included in chapter): \n  - 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.\n  - 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."
    },
    {
      "heading": "Chapter 2 — Shadow Banking Around the Globe: How Large, and How Risky?",
      "content": "- Scope: \"Examines the growth of shadow banking around the globe, assessing risks and discussing regulatory responses.\"\n- Common drivers identified: \"search for yield, regulatory circumvention, and demand by institutional investors.\"\n- Comparative assessment: \"The contribution of shadow banks to systemic risks in the financial system is much larger in the United States than in Europe.\"\n- Policy call: \"A more encompassing (macroprudential) approach to regulation and for enhanced data provision.\"\n- 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.\n- Measurement and empirical material noted: panel regressions (1990−2013; 2002-2012), broad and narrow shadow banking measures, subsector analysis, drivers and sensitivity analyses."
    },
    {
      "heading": "Chapter 3 — Risk Taking By Banks: The Role of Governance and Executive Pay",
      "content": "- 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.\"\n- Key empirical findings:\n  - \"Banks with boards of directors independent from management take less risk.\"\n  - \"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.\"\n- 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."
    },
    {
      "heading": "Policy Recommendations and Prescriptions",
      "content": "- Enhance monetary policy transmission to support economic risk taking (so monetary accommodation better reaches households and businesses).\n- Deploy well-designed macroprudential measures to address financial excesses and rising market and liquidity risks.\n- Adopt a more encompassing macroprudential regulatory approach to shadow banking and improve data provision to monitor shadow banking growth and risks.\n- Improve bank governance: increase board independence and align executive compensation with long-term outcomes to reduce excessive bank risk taking."
    },
    {
      "heading": "Technical and Statistical Notes (extracts)",
      "content": "- Symbols and conventions used in appendix: \n  - \". . . to indicate that data are not available;\"\n  - \"—— to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;\"\n  - \"- 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;\"\n  - \"/ between years (for example, 2008/09) to indicate a fiscal or financial year.\"\n- Definitions: \n  - \"“Billion” means a thousand million; “trillion” means a thousand billion.\"\n  - \"“Basis points” refer to hundredths of 1 percentage point (for example, 25 basis points are equivalent to ¼ of 1 percentage point).\"\n  - \"“n.a.” means not applicable.\"\n- Note on rounding: \"Minor discrepancies between constituent figures and totals are due to rounding.\"\n\nIMF Global Financial Stability Report: Risk Taking, Liquidity, and Shadow Banking: Curbing Excess While Promoting Growth (October 2014).\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- Figure 1.10. Financial Risk Taking and Volatility\n  - Figure 1.10. Financial Risk Taking and Volatility (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.10. Financial Risk Taking and Volatility (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.11. United States: Nonfinancial Corporations� Credit Fundamentals\n  - Figure 1.11. United States: Nonfinancial Corporations� Credit Fundamentals (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.11. United States: Nonfinancial Corporations� Credit Fundamentals (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.12. United States: Equity Market Fundamentals\n  - Figure 1.12. United States: Equity Market Fundamentals (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.12. United States: Equity Market Fundamentals (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure113 — Emerging Market Corporate Debt and Fundamentals\n  - figure113 — Emerging Market Corporate Debt and Fundamentals (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - figure113 — Emerging Market Corporate Debt and Fundamentals (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.14. China Corporate Indicators\n  - Figure 1.14. China Corporate Indicators (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.14. China Corporate Indicators (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.15. China’s Shadow Banking and Real Estate Markets\n  - Figure 1.15. China’s Shadow Banking and Real Estate Markets (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.15. China’s Shadow Banking and Real Estate Markets (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure1 16\n  - Figure1 16 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure1 16 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.17. Bank Balance Sheets and Profitability\n  - Figure 1.17. Bank Balance Sheets and Profitability (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.17. Bank Balance Sheets and Profitability (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.18. Where Are Banks in Their Transition to New Business Models?\n  - Figure 1.18. Where Are Banks in Their Transition to New Business Models? (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.18. Where Are Banks in Their Transition to New Business Models? (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.19. Bank Lending and Nonbank Sources of Credit\n  - Figure 1.19. Bank Lending and Nonbank Sources of Credit (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.19. Bank Lending and Nonbank Sources of Credit (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 1.20. Market Liquidity: Rising Flow but Deteriorating Depth\n  - Figure 1.20. Market Liquidity: Rising Flow but Deteriorating Depth (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.20. Market Liquidity: Rising Flow but Deteriorating Depth (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.23 Liquidity Risk Amplifiers\n  - Figure 1.23 Liquidity Risk Amplifiers (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.23 Liquidity Risk Amplifiers (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.24. Flows and Concentration of Asset Allocations to Emerging Markets\n  - Figure 1.24. Flows and Concentration of Asset Allocations to Emerging Markets (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.24. Flows and Concentration of Asset Allocations to Emerging Markets (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.25. Volatility Developments\n  - Figure 1.25. Volatility Developments (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.25. Volatility Developments (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure1 26\n  - Figure1 26 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure1 26 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.27. Stretched Valuations across Asset Classes\n  - Figure 1.27. Stretched Valuations across Asset Classes (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.27. Stretched Valuations across Asset Classes (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure1 28\n  - Figure1 28 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure1 28 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.3. United States: How Far along the Exit Process?\n  - Figure 1.3. United States: How Far along the Exit Process? (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.3. United States: How Far along the Exit Process? (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.4. Emerging Market Developments\n  - Figure 1.4. Emerging Market Developments (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.4. Emerging Market Developments (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.5. Financial Markets are Buoyant, Despite Economic Disappointments\n  - Figure 1.5. Financial Markets are Buoyant, Despite Economic Disappointments (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.5. Financial Markets are Buoyant, Despite Economic Disappointments (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.6. Global Heat Maps\n  - Figure 1.6. Global Heat Maps (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.6. Global Heat Maps (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.7. Indebtedness and Leverage in Selected Advanced Economies\n  - Figure 1.7. Indebtedness and Leverage in Selected Advanced Economies (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.7. Indebtedness and Leverage in Selected Advanced Economies (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure18\n  - figure18 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - figure18 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.9. Euro Area Nonfinancial Firms: Capital Expenditure Developments\n  - Figure 1.9. Euro Area Nonfinancial Firms: Capital Expenditure Developments (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.9. Euro Area Nonfinancial Firms: Capital Expenditure Developments (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.2.1. New Shadow Banking Developments and Risks\n  - Figure 2.2.1. New Shadow Banking Developments and Risks (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.2.1. New Shadow Banking Developments and Risks (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.11. Systemic Risk and Interdependence of Financial Intermediaries\n  - Figure 2.11. Systemic Risk and Interdependence of Financial Intermediaries (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.11. Systemic Risk and Interdependence of Financial Intermediaries (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure2 12\n  - Figure2 12 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure2 12 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.2. Lending by Shadow Banks\n  - Figure 2.2. Lending by Shadow Banks (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.2. Lending by Shadow Banks (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.6. Size of the Shadow Banking Markets\n  - Figure 2.6. Size of the Shadow Banking Markets (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.6. Size of the Shadow Banking Markets (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Box Figure 3.4.1. Customer Complaints by Sector\n  - Box Figure 3.4.1. Customer Complaints by Sector (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Box Figure 3.4.1. Customer Complaints by Sector (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure  3.1. Corporate Complexity and Opacity: Dispersion of Earnings-per-Share Forecasts by Sector\n  - Figure  3.1. Corporate Complexity and Opacity: Dispersion of Earnings-per-Share Forecasts by Sector (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure  3.1. Corporate Complexity and Opacity: Dispersion of Earnings-per-Share Forecasts by Sector (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 3.2. Trends in Compensation Practices in Banks\n  - Figure 3.2. Trends in Compensation Practices in Banks (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.2. Trends in Compensation Practices in Banks (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 3.3 Summary Statistics of Board and Ownership Structures in Banks\n  - Figure 3.3 Summary Statistics of Board and Ownership Structures in Banks (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.3 Summary Statistics of Board and Ownership Structures in Banks (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1. Major Net Exporters and Importers of Capital, 2013\n  - Figure 1. Major Net Exporters and Importers of Capital, 2013 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1. Major Net Exporters and Importers of Capital, 2013 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- safigure6 — Dataset overview\n  - safigure6 — Dataset overview (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - safigure6 — Dataset overview (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. U.S. Commercial Paper Market\n  - Figure 8. U.S. Commercial Paper Market (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 8. U.S. Commercial Paper Market (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 1. Capital Market Size: Selected Indicators, 2013\n  - Table 1. Capital Market Size: Selected Indicators, 2013 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Table 1. Capital Market Size: Selected Indicators, 2013 (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 Private External Financing: Total Bonds, Equities, and Loans\n  - Table 4. Emerging Market Private External Financing: Total Bonds, Equities, and Loans (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Table 4. Emerging Market Private External Financing: Total Bonds, Equities, and Loans (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 5. Emerging Market Private External Financing: Bonds\n  - Table 5. Emerging Market Private External Financing: Bonds (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Table 5. Emerging Market Private External Financing: Bonds (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 6. Emerging Market Private External Financing: Equity\n  - Table 6. Emerging Market Private External Financing: Equity (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Table 6. Emerging Market Private External Financing: Equity (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Table 7. Emerging Market Private External Financing: Loans\n  - Table 7. Emerging Market Private External Financing: Loans (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Table 7. Emerging Market Private 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- تقرير الاستقرار المالي العالمي:  ملخص الفصل الثاني والفصل الثالث - أكتوبر 2014\n  - تقرير الاستقرار المالي العالمي:  ملخص الفصل الثاني والفصل الثالث - أكتوبر 2014 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - تقرير الاستقرار المالي العالمي:  ملخص الفصل الثاني والفصل الثالث - أكتوبر 2014 (PDF){rel=\"external\" type=\"application/pdf\"}\n- execsuma\n  - execsuma (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - execsuma (PDF){rel=\"external\" type=\"application/pdf\"}\n- 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\n  - 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){rel=\"alternate\" type=\"text/markdown\"}\n  - 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){rel=\"external\" type=\"application/pdf\"}\n- 2014年10月《全球金融稳定报告》概要\n  - 2014年10月《全球金融稳定报告》概要 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 2014年10月《全球金融稳定报告》概要 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 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\n  - 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){rel=\"alternate\" type=\"text/markdown\"}\n  - 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 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 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\n  - 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){rel=\"alternate\" type=\"text/markdown\"}\n  - 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){rel=\"external\" type=\"application/pdf\"}\n- Chapitres 2 et 3 — Synthèse\n  - Chapitres 2 et 3 — Synthèse (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Chapitres 2 et 3 — Synthèse (PDF){rel=\"external\" type=\"application/pdf\"}\n- execsumf\n  - execsumf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - execsumf (PDF){rel=\"external\" type=\"application/pdf\"}\n- 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\n  - 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 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 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){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- Figure 1.10\n  - Figure 1.10 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.10 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.11\n  - Figure 1.11 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.11 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.12\n  - Figure 1.12 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.12 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.13\n  - Figure 1.13 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.13 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.14\n  - Figure 1.14 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.14 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.15\n  - Figure 1.15 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.15 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.16\n  - Figure 1.16 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.16 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.17a\n  - Figure 1.17a (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.17a (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.17b\n  - Figure 1.17b (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.17b (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.18\n  - Figure 1.18 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.18 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.19\n  - Figure 1.19 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.19 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.1\n  - Figure 1.1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.20\n  - Figure 1.20 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.20 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.21\n  - Figure 1.21 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.21 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.22\n  - Figure 1.22 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.22 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.23\n  - Figure 1.23 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.23 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.24\n  - Figure 1.24 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.24 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.25\n  - Figure 1.25 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.25 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.26\n  - Figure 1.26 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.26 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.27\n  - Figure 1.27 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.27 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.28\n  - Figure 1.28 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.28 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.29\n  - Figure 1.29 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.29 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.2\n  - Figure 1.2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.2 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.30\n  - Figure 1.30 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.30 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.3\n  - Figure 1.3 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.3 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.4\n  - Figure 1.4 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.4 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.5\n  - Figure 1.5 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.5 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.6\n  - Figure 1.6 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.6 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.7\n  - Figure 1.7 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.7 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.8\n  - Figure 1.8 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.8 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.9\n  - Figure 1.9 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.9 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.10\n  - Figure 2.10 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.10 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.1.1\n  - Figure 2.1.1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.1.1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.1.2\n  - Figure 2.1.2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.1.2 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.13\n  - Figure 2.13 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.13 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.14\n  - Figure 2.14 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.14 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.15\n  - Figure 2.15 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.15 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.16\n  - Figure 2.16 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.16 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.1\n  - Figure 2.1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.2.1\n  - Figure 2.2.1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.2.1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.2\n  - Figure 2.2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.2 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.3.1\n  - Figure 2.3.1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.3.1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.3\n  - Figure 2.3 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.3 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.4\n  - Figure 2.4 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.4 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.5\n  - Figure 2.5 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.5 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.6\n  - Figure 2.6 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.6 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.7\n  - Figure 2.7 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.7 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.8\n  - Figure 2.8 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.8 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.9\n  - Figure 2.9 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.9 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.1.1\n  - Figure 3.1.1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.1.1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.1\n  - Figure 3.1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.2\n  - Figure 3.2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.2 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.3\n  - Figure 3.3 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.3 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.4.1\n  - Figure 3.4.1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.4.1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.4\n  - Figure 3.4 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.4 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.5\n  - Figure 3.5 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.5 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.6\n  - Figure 3.6 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.6 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.7\n  - Figure 3.7 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.7 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.8\n  - Figure 3.8 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.8 (PDF){rel=\"external\" type=\"application/pdf\"}\n- C1pdf\n  - C1pdf (PDF){rel=\"external\" type=\"application/pdf\"}\n- C2pdf\n  - C2pdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - C2pdf (PDF){rel=\"external\" type=\"application/pdf\"}\n- C3pdf\n  - C3pdf (PDF){rel=\"external\" type=\"application/pdf\"}\n- GFSR- October 2014: Executive Summary\n  - GFSR- October 2014: Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - GFSR- October 2014: Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}\n- GFSR- October 2014: Executive Summary\n  - GFSR- October 2014: Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - GFSR- October 2014: Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}\n- GFSR- October 2014: Preface\n  - GFSR- October 2014: Preface (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - GFSR- October 2014: Preface (PDF){rel=\"external\" type=\"application/pdf\"}\n- Global Financial Stability Report- October 2014: Statistical Appendix\n  - Global Financial Stability Report- October 2014: Statistical Appendix (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Global Financial Stability Report- October 2014: Statistical Appendix (PDF){rel=\"external\" type=\"application/pdf\"}\n- GFSR- October 2014: Chapter 2 and Chapter 3 Summaries\n  - GFSR- October 2014: Chapter 2 and Chapter 3 Summaries (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - GFSR- October 2014: Chapter 2 and Chapter 3 Summaries (PDF){rel=\"external\" type=\"application/pdf\"}\n- Shadow Banking Around the Globe: How Large, and How Risky?\n  - Shadow Banking Around the Globe: How Large, and How Risky? (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Shadow Banking Around the Globe: How Large, and How Risky? (PDF){rel=\"external\" type=\"application/pdf\"}\n- Risk Taking by Banks: The Role of Governance and Executive Pay\n  - Risk Taking by Banks: The Role of Governance and Executive Pay (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Risk Taking by Banks: The Role of Governance and Executive Pay (PDF){rel=\"external\" type=\"application/pdf\"}\n- Text\n  - Text (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Text (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- SAFigure 1\n  - SAFigure 1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - SAFigure 1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- SAFigure 2 - CDS\n  - SAFigure 2 - CDS (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - SAFigure 2 - CDS (PDF){rel=\"external\" type=\"application/pdf\"}\n- SAFigure 3 - CDS\n  - SAFigure 3 - CDS (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - SAFigure 3 - CDS (PDF){rel=\"external\" type=\"application/pdf\"}\n- SAFig 4Selected Spreads\n  - SAFig 4Selected Spreads (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - SAFig 4Selected Spreads (PDF){rel=\"external\" type=\"application/pdf\"}\n- SAFig 5Implied vol\n  - SAFig 5Implied vol (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - SAFig 5Implied vol (PDF){rel=\"external\" type=\"application/pdf\"}\n- SAFig 6UScorpbondissuance\n  - SAFig 6UScorpbondissuance (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - SAFig 6UScorpbondissuance (PDF){rel=\"external\" type=\"application/pdf\"}\n- SAFig 7European bond issuance\n  - SAFig 7European bond issuance (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - SAFig 7European bond issuance (PDF){rel=\"external\" type=\"application/pdf\"}\n- SAFig 8Commercial paper\n  - SAFig 8Commercial paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - SAFig 8Commercial paper (PDF){rel=\"external\" type=\"application/pdf\"}\n- Резюме по главам 2 и 3 -- Доклад по вопросам глобальной финансовой стабильности, oктябрь 2014 года\n  - Резюме по главам 2 и 3 -- Доклад по вопросам глобальной финансовой стабильности, oктябрь 2014 года (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Резюме по главам 2 и 3 -- Доклад по вопросам глобальной финансовой стабильности, oктябрь 2014 года (PDF){rel=\"external\" type=\"application/pdf\"}\n- Аналитическое резюме -- Доклад по вопросам глобальной финансовой стабильности, октябрь 2014 года\n  - Аналитическое резюме -- Доклад по вопросам глобальной финансовой стабильности, октябрь 2014 года (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Аналитическое резюме -- Доклад по вопросам глобальной финансовой стабильности, октябрь 2014 года (PDF){rel=\"external\" type=\"application/pdf\"}\n- Informe sobre la estabilidad financiera mundial - Resúmenes de los capítulos 2 y 3; Octubre de 2014\n  - Informe sobre la estabilidad financiera mundial - Resúmenes de los capítulos 2 y 3; Octubre de 2014 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Informe sobre la estabilidad financiera mundial - Resúmenes de los capítulos 2 y 3; Octubre de 2014 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Informe sobre la estabilidad financiera mundial - Resumen Ejecutivo; Octubre de 2014\n  - Informe sobre la estabilidad financiera mundial - Resumen Ejecutivo; Octubre de 2014 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Informe sobre la estabilidad financiera mundial - Resumen Ejecutivo; Octubre de 2014 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- Policymakers Should Encourage Economic Risk Taking, Keep Financial Excess Under Control\n- The New Global Imbalance: Too Much Financial Risk-Taking, Not Enough Economic-Risk Taking\n- Shadow Banking is Boon & Bane for Financial System\n- Bank Compensation, Governance Need Upgrade to Make Financial System Safer\n- The Growth of Shadow Banking\n- Ordering Information\n- Disclaimer\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- Survey Article: Chapter 2\n- Survey Article: Chapter 3\n- https://www.imf.org/en/home\n- Financial Soundness Indicators\n\nSource: https://www.imf.org/en/publications/gfsr/issues/2016/12/31/risk-taking-liquidity-and-shadow-banking-curbing-excess-while-promoting-growth"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/gfsr/issues/2016/12/31/risk-taking-liquidity-and-shadow-banking-curbing-excess-while-promoting-growth/index.md)",
    "[Structured JSON version](/en/publications/gfsr/issues/2016/12/31/risk-taking-liquidity-and-shadow-banking-curbing-excess-while-promoting-growth/index.json)",
    "[Bundle manifest](/en/publications/gfsr/issues/2016/12/31/risk-taking-liquidity-and-shadow-banking-curbing-excess-while-promoting-growth/bundle-manifest.json)",
    "Published: October 1, 2014",
    "Series: Global Financial Stability Report",
    "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.\"",
    "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:",
    "Survey and data elements listed (examples of content types included in chapter):",
    "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.",
    "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:",
    "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.",
    "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.",
    "Symbols and conventions used in appendix:",
    "Definitions:",
    "Note on rounding: \"Minor discrepancies between constituent figures and totals are due to rounding.\"",
    "**Figure 1.1. Global Financial Stability Map**",
    "**Figure 1.10. Financial Risk Taking and Volatility**",
    "**Figure 1.11. United States: Nonfinancial Corporations� Credit Fundamentals**",
    "**Figure 1.12. United States: Equity Market Fundamentals**",
    "**figure1_13 — Emerging Market Corporate Debt and Fundamentals**",
    "**Figure 1.14. China Corporate Indicators**",
    "**Figure 1.15. China’s Shadow Banking and Real Estate Markets**",
    "**Figure1 16**",
    "**Figure 1.17. Bank Balance Sheets and Profitability**",
    "**Figure 1.18. Where Are Banks in Their Transition to New Business Models?**",
    "**Figure 1.19. Bank Lending and Nonbank Sources of Credit**",
    "**Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions**",
    "**Figure 1.20. Market Liquidity: Rising Flow but Deteriorating Depth**",
    "**Figure 1.23 Liquidity Risk Amplifiers**",
    "**Figure 1.24. Flows and Concentration of Asset Allocations to Emerging Markets**",
    "**Figure 1.25. Volatility Developments**",
    "**Figure1 26**",
    "**Figure 1.27. Stretched Valuations across Asset Classes**",
    "**Figure1 28**",
    "**Figure 1.3. United States: How Far along the Exit Process?**",
    "**Figure 1.4. Emerging Market Developments**",
    "**Figure 1.5. Financial Markets are Buoyant, Despite Economic Disappointments**",
    "**Figure 1.6. Global Heat Maps**",
    "**Figure 1.7. Indebtedness and Leverage in Selected Advanced Economies**",
    "**figure1_8**",
    "**Figure 1.9. Euro Area Nonfinancial Firms: Capital Expenditure Developments**",
    "**Figure 2.2.1. New Shadow Banking Developments and Risks**",
    "**Figure 2.11. Systemic Risk and Interdependence of Financial Intermediaries**",
    "**Figure2 12**",
    "**Figure 2.2. Lending by Shadow Banks**",
    "**Figure 2.6. Size of the Shadow Banking Markets**",
    "**Box Figure 3.4.1. Customer Complaints by Sector**",
    "**Figure  3.1. Corporate Complexity and Opacity: Dispersion of Earnings-per-Share Forecasts by Sector**",
    "**Figure 3.2. Trends in Compensation Practices in Banks**",
    "**Figure 3.3 Summary Statistics of Board and Ownership Structures in Banks**",
    "**Figure 1. Major Net Exporters and Importers of Capital, 2013**",
    "**sa_figure6 — Dataset overview**",
    "**Figure 7. Euro Area Corporate Bond Market**",
    "**Figure 8. U.S. Commercial Paper Market**",
    "**Table 1. Capital Market Size: Selected Indicators, 2013**",
    "**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 Private External Financing: Total Bonds, Equities, and Loans**",
    "**Table 5. Emerging Market Private External Financing: Bonds**",
    "**Table 6. Emerging Market Private External Financing: Equity**",
    "**Table 7. Emerging Market Private External Financing: Loans**",
    "**Table 8. Equity Valuation Measures: Dividend-Yield Ratios**",
    "**Table 9. Equity Valuation Measures: Price/Earnings Ratios**",
    "**تقرير الاستقرار المالي العالمي:  ملخص الفصل الثاني والفصل الثالث - أكتوبر 2014**",
    "**execsuma**",
    "**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**",
    "**2014年10月《全球金融稳定报告》概要**",
    "**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**",
    "**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**",
    "**Chapitres 2 et 3 — Synthèse**",
    "**execsumf**",
    "**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**",
    "**国際金融安定性報告書**",
    "**Figure 1.10**",
    "**Figure 1.11**",
    "**Figure 1.12**",
    "**Figure 1.13**",
    "**Figure 1.14**",
    "**Figure 1.15**",
    "**Figure 1.16**",
    "**Figure 1.17a**",
    "**Figure 1.17b**",
    "**Figure 1.18**",
    "**Figure 1.19**",
    "**Figure 1.1**",
    "**Figure 1.20**",
    "**Figure 1.21**",
    "**Figure 1.22**",
    "**Figure 1.23**",
    "**Figure 1.24**",
    "**Figure 1.25**",
    "**Figure 1.26**",
    "**Figure 1.27**",
    "**Figure 1.28**",
    "**Figure 1.29**",
    "**Figure 1.2**",
    "**Figure 1.30**",
    "**Figure 1.3**",
    "**Figure 1.4**",
    "**Figure 1.5**",
    "**Figure 1.6**",
    "**Figure 1.7**",
    "**Figure 1.8**",
    "**Figure 1.9**",
    "**Figure 2.10**",
    "**Figure 2.1.1**",
    "**Figure 2.1.2**",
    "**Figure 2.13**",
    "**Figure 2.14**",
    "**Figure 2.15**",
    "**Figure 2.16**",
    "**Figure 2.1**",
    "**Figure 2.2.1**",
    "**Figure 2.2**",
    "**Figure 2.3.1**",
    "**Figure 2.3**",
    "**Figure 2.4**",
    "**Figure 2.5**",
    "**Figure 2.6**",
    "**Figure 2.7**",
    "**Figure 2.8**",
    "**Figure 2.9**",
    "**Figure 3.1.1**",
    "**Figure 3.1**",
    "**Figure 3.2**",
    "**Figure 3.3**",
    "**Figure 3.4.1**",
    "**Figure 3.4**",
    "**Figure 3.5**",
    "**Figure 3.6**",
    "**Figure 3.7**",
    "**Figure 3.8**",
    "**C1pdf**",
    "**C2pdf**",
    "**C3pdf**",
    "**GFSR- October 2014: Executive Summary**",
    "**GFSR- October 2014: Executive Summary**",
    "**GFSR- October 2014: Preface**",
    "**Global Financial Stability Report- October 2014: Statistical Appendix**",
    "**GFSR- October 2014: Chapter 2 and Chapter 3 Summaries**",
    "**Shadow Banking Around the Globe: How Large, and How Risky?**",
    "**Risk Taking by Banks: The Role of Governance and Executive Pay**",
    "**Text**",
    "**Textpdf**",
    "**SA_Figure 1**",
    "**SA_Figure 2 - CDS**",
    "**SA_Figure 3 - CDS**",
    "**SA_Fig 4_Selected Spreads**",
    "**SA_Fig 5_Implied vol**",
    "**SA_Fig 6_US_corpbond_issuance**",
    "**SA_Fig 7_European bond issuance**",
    "**SA_Fig 8_Commercial paper**",
    "**Резюме по главам 2 и 3 -- Доклад по вопросам глобальной финансовой стабильности, oктябрь 2014 года**",
    "**Аналитическое резюме -- Доклад по вопросам глобальной финансовой стабильности, октябрь 2014 года**",
    "**Informe sobre la estabilidad financiera mundial - Resúmenes de los capítulos 2 y 3; Octubre de 2014**",
    "**Informe sobre la estabilidad financiera mundial - Resumen Ejecutivo; Octubre de 2014**",
    "[Policymakers Should Encourage Economic Risk Taking, Keep Financial Excess Under Control](http://www.imf.org/external/pubs/ft/survey/so/2014/POL100814B.htm)",
    "[The New Global Imbalance: Too Much Financial Risk-Taking, Not Enough Economic-Risk Taking](http://blog-imfdirect.imf.org/2014/10/08/the-new-global-imbalance-too-much-financial-risk-taking-not-enough-economic-risk-taking/)",
    "[Shadow Banking is Boon & Bane for Financial System](http://www.imf.org/external/pubs/ft/survey/so/2014/POL100114A.htm)",
    "[Bank Compensation, Governance Need Upgrade to Make Financial System Safer](http://www.imf.org/external/pubs/ft/survey/so/2014/POL100114B.htm)",
    "[The Growth of Shadow Banking](http://blog-imfdirect.imf.org/2014/10/03/the-growth-of-shadow-banking/)",
    "[Ordering Information](http://www.imf.org/external/pubs/cat/longres.aspx?sk=41631.0)",
    "[Disclaimer](http://www.imf.org/external/terms.htm)",
    "[Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.](https://www.imf.org/en/email-subscription/index)",
    "[Modify your profile](https://www.imf.org/en/email-subscription/login)",
    "[Survey Article: Chapter 2](http://www-stg-ext.imf.org/external/Spanish/pubs/ft/survey/so/2014/POL100114AS.htm)",
    "[Survey Article: Chapter 3](http://www-stg-ext.imf.org/external/Spanish/pubs/ft/survey/so/2014/POL100114BS.htm)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)",
    "[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/2014/02/c1/figure1_1.csv",
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        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 1.10. Financial Risk Taking and Volatility",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/c1/figure1_10.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_10.csv.md",
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        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_10.csv",
        "mime": "application/octet-stream"
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    },
    {
      "title": "Figure 1.11. United States: Nonfinancial Corporations� Credit Fundamentals",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/c1/figure1_11.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_11.csv.md",
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        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_11.csv",
        "mime": "application/octet-stream"
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    },
    {
      "title": "Figure 1.12. United States: Equity Market Fundamentals",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/c1/figure1_12.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_12.csv.md",
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        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_12.csv",
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    },
    {
      "title": "figure1_13 — Emerging Market Corporate Debt and Fundamentals",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/c1/figure1_13.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_13.csv.md",
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        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_13.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 1.14. China Corporate Indicators",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/c1/figure1_14.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_14.csv.md",
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      }
    },
    {
      "title": "Figure 1.15. China’s Shadow Banking and Real Estate Markets",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/c1/figure1_15.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_15.csv.md",
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        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_15.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure1 16",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/c1/figure1_16.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_16.csv.md",
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        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 1.17. Bank Balance Sheets and Profitability",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/c1/figure1_17.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_17.csv.md",
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        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_17.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 1.18. Where Are Banks in Their Transition to New Business Models?",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/c1/figure1_18.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_18.csv.md",
        "mime": "text/markdown"
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        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_18.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 1.19. Bank Lending and Nonbank Sources of Credit",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/c1/figure1_19.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_19.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_19.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/2014/02/c1/figure1_2.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_2.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_2.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 1.20. Market Liquidity: Rising Flow but Deteriorating Depth",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/c1/figure1_20.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_20.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_20.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 1.23 Liquidity Risk Amplifiers",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/c1/figure1_23.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_23.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_23.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 1.24. Flows and Concentration of Asset Allocations to Emerging Markets",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/c1/figure1_24.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_24.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_24.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 1.25. Volatility Developments",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/c1/figure1_25.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_25.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_25.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure1 26",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/c1/figure1_26.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_26.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_26.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 1.27. Stretched Valuations across Asset Classes",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/c1/figure1_27.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_27.csv.md",
        "mime": "text/markdown"
      },
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        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_27.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure1 28",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/c1/figure1_28.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_28.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_28.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 1.3. United States: How Far along the Exit Process?",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/c1/figure1_3.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_3.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_3.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 1.4. Emerging Market Developments",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/c1/figure1_4.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_4.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_4.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 1.5. Financial Markets are Buoyant, Despite Economic Disappointments",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/c1/figure1_5.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_5.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_5.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 1.6. Global Heat Maps",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/c1/figure1_6.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_6.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_6.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 1.7. Indebtedness and Leverage in Selected Advanced Economies",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/c1/figure1_7.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_7.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_7.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "figure1_8",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/c1/figure1_8.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_8.csv.md",
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        "mime": "application/octet-stream"
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    },
    {
      "title": "Figure 1.9. Euro Area Nonfinancial Firms: Capital Expenditure Developments",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/c1/figure1_9.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_9.csv.md",
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        "path": "/external/pubs/ft/GFSR/2014/02/c1/figure1_9.csv",
        "mime": "application/octet-stream"
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    },
    {
      "title": "Figure 2.2.1. New Shadow Banking Developments and Risks",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/c2/boxfigure2_2.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c2/boxfigure2_2.csv.md",
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    },
    {
      "title": "Figure 2.11. Systemic Risk and Interdependence of Financial Intermediaries",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/c2/figure2_11.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c2/figure2_11.csv.md",
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      "binary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c2/figure2_11.csv",
        "mime": "application/octet-stream"
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    },
    {
      "title": "Figure2 12",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/c2/figure2_12.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c2/figure2_12.csv.md",
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        "path": "/external/pubs/ft/GFSR/2014/02/c2/figure2_12.csv",
        "mime": "application/octet-stream"
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    },
    {
      "title": "Figure 2.2. Lending by Shadow Banks",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/c2/figure2_2.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c2/figure2_2.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c2/figure2_2.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 2.6. Size of the Shadow Banking Markets",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/c2/figure2_6.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c2/figure2_6.csv.md",
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      "binary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c2/figure2_6.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Box Figure 3.4.1. Customer Complaints by Sector",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/c3/boxfigure3_4.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c3/boxfigure3_4.csv.md",
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        "path": "/external/pubs/ft/GFSR/2014/02/c3/boxfigure3_4.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure  3.1. Corporate Complexity and Opacity: Dispersion of Earnings-per-Share Forecasts by Sector",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/c3/figure3_1.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c3/figure3_1.csv.md",
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        "mime": "application/octet-stream"
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    },
    {
      "title": "Figure 3.2. Trends in Compensation Practices in Banks",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/c3/figure3_2.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c3/figure3_2.csv.md",
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      "binary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c3/figure3_2.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 3.3 Summary Statistics of Board and Ownership Structures in Banks",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/c3/figure3_3.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/c3/figure3_3.csv.md",
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        "path": "/external/pubs/ft/GFSR/2014/02/c3/figure3_3.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Figure 1. Major Net Exporters and Importers of Capital, 2013",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/sa/sa_figure1.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/sa/sa_figure1.csv.md",
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        "path": "/external/pubs/ft/GFSR/2014/02/sa/sa_figure1.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "sa_figure6 — Dataset overview",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/sa/sa_figure6.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/sa/sa_figure6.csv.md",
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        "path": "/external/pubs/ft/GFSR/2014/02/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/2014/02/sa/sa_figure7.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/sa/sa_figure7.csv.md",
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        "path": "/external/pubs/ft/GFSR/2014/02/sa/sa_figure7.csv",
        "mime": "application/octet-stream"
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    },
    {
      "title": "Figure 8. U.S. Commercial Paper Market",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/sa/sa_figure8.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/sa/sa_figure8.csv.md",
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        "path": "/external/pubs/ft/GFSR/2014/02/sa/sa_figure8.csv",
        "mime": "application/octet-stream"
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    },
    {
      "title": "Table 1. Capital Market Size: Selected Indicators, 2013",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/sa/sa_table1.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/sa/sa_table1.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2014/02/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/2014/02/sa/sa_table10.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/sa/sa_table10.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2014/02/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/2014/02/sa/sa_table2.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/sa/sa_table2.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2014/02/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/2014/02/sa/sa_table3.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/sa/sa_table3.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2014/02/sa/sa_table3.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Table 4. Emerging Market Private External Financing: Total Bonds, Equities, and Loans",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/sa/sa_table4.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/sa/sa_table4.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2014/02/sa/sa_table4.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Table 5. Emerging Market Private External Financing: Bonds",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/sa/sa_table5.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/sa/sa_table5.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2014/02/sa/sa_table5.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Table 6. Emerging Market Private External Financing: Equity",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/sa/sa_table6.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/sa/sa_table6.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2014/02/sa/sa_table6.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "Table 7. Emerging Market Private External Financing: Loans",
      "role": "dataset",
      "sourceUrl": "http://www.imf.org/external/pubs/ft/GFSR/2014/02/sa/sa_table7.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/sa/sa_table7.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2014/02/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/2014/02/sa/sa_table8.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/sa/sa_table8.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2014/02/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/2014/02/sa/sa_table9.csv",
      "summary": {
        "path": "/external/pubs/ft/GFSR/2014/02/sa/sa_table9.csv.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/external/pubs/ft/GFSR/2014/02/sa/sa_table9.csv",
        "mime": "application/octet-stream"
      }
    },
    {
      "title": "تقرير الاستقرار المالي العالمي:  ملخص الفصل الثاني والفصل الثالث - أكتوبر 2014",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/gfsr/2014/02/pdf/_suma.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/gfsr/2014/02/pdf/_suma.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/gfsr/2014/02/pdf/_suma.pdf",
        "mime": "application/pdf"
      }
    },
    {
      "title": "execsuma",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/gfsr/2014/02/pdf/execsuma.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/gfsr/2014/02/pdf/execsuma.pdf.md",
        "mime": "text/markdown"
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        "path": "/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/gfsr/2014/02/pdf/execsuma.pdf",
        "mime": "application/pdf"
      }
    },
    {
      "title": "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",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/gfsr/2014/02/pdf/_sumc.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/gfsr/2014/02/pdf/_sumc.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/gfsr/2014/02/pdf/_sumc.pdf",
        "mime": "application/pdf"
      }
    },
    {
      "title": "2014年10月《全球金融稳定报告》概要",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/gfsr/2014/02/pdf/execsumc.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/gfsr/2014/02/pdf/execsumc.pdf.md",
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      },
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        "path": "/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/gfsr/2014/02/pdf/execsumc.pdf",
        "mime": "application/pdf"
      }
    },
    {
      "title": "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",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/survey/so/2014/_pol100114ac.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/survey/so/2014/_pol100114ac.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/survey/so/2014/_pol100114ac.pdf",
        "mime": "application/pdf"
      }
    },
    {
      "title": "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",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/survey/so/2014/_pol100114bc.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/survey/so/2014/_pol100114bc.pdf.md",
        "mime": "text/markdown"
      },
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        "path": "/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/survey/so/2014/_pol100114bc.pdf",
        "mime": "application/pdf"
      }
    },
    {
      "title": "Chapitres 2 et 3 — Synthèse",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/gfsr/2014/02/pdf/_sumf.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/gfsr/2014/02/pdf/_sumf.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/gfsr/2014/02/pdf/_sumf.pdf",
        "mime": "application/pdf"
      }
    },
    {
      "title": "execsumf",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/gfsr/2014/02/pdf/execsumf.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/gfsr/2014/02/pdf/execsumf.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/gfsr/2014/02/pdf/execsumf.pdf",
        "mime": "application/pdf"
      }
    },
    {
      "title": "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",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/japanese/pubs/ft/gfsr/2014/02/pdf/_sumj.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-flagship-issues/external/japanese/pubs/ft/gfsr/2014/02/pdf/_sumj.pdf.md",
        "mime": "text/markdown"
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      "binary": {
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        "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/2014/02/pdf/execsumj.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-flagship-issues/external/japanese/pubs/ft/gfsr/2014/02/pdf/execsumj.pdf.md",
        "mime": "text/markdown"
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        "path": "/-/media/websites/imf/imported-flagship-issues/external/japanese/pubs/ft/gfsr/2014/02/pdf/execsumj.pdf",
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      }
    },
    {
      "title": "Figure 1.10",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure110pdf.pdf",
      "summary": {
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    },
    {
      "title": "Figure 1.11",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure111pdf.pdf",
      "summary": {
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      }
    },
    {
      "title": "Figure 1.12",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure112pdf.pdf",
      "summary": {
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        "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure112pdf.pdf",
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    },
    {
      "title": "Figure 1.13",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure113pdf.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure113pdf.pdf.md",
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    },
    {
      "title": "Figure 1.14",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure114pdf.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure114pdf.pdf.md",
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    },
    {
      "title": "Figure 1.15",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure115pdf.pdf",
      "summary": {
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    },
    {
      "title": "Figure 1.16",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure116pdf.pdf",
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        "mime": "text/markdown"
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    },
    {
      "title": "Figure 1.17a",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure117apdf.pdf",
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    },
    {
      "title": "Figure 1.17b",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure117bpdf.pdf",
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    },
    {
      "title": "Figure 1.18",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure118pdf.pdf",
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    },
    {
      "title": "Figure 1.19",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure119pdf.pdf",
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    },
    {
      "title": "Figure 1.1",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure11pdf.pdf",
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    },
    {
      "title": "Figure 1.20",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure120pdf.pdf",
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    },
    {
      "title": "Figure 1.21",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure121pdf.pdf",
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    },
    {
      "title": "Figure 1.22",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure122pdf.pdf",
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    },
    {
      "title": "Figure 1.23",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure123pdf.pdf",
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      "title": "Figure 1.24",
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      "title": "Figure 1.25",
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      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure125v2pdf.pdf",
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      "title": "Figure 1.26",
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      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure126v2pdf.pdf",
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      "title": "Figure 1.27",
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      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure127pdf.pdf",
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      "title": "Figure 1.28",
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      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure128pdf.pdf",
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      "title": "Figure 1.29",
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      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure129pdf.pdf",
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      "title": "Figure 1.2",
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      "title": "Figure 1.30",
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      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure130pdf.pdf",
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      "title": "Figure 1.3",
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      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure13pdf.pdf",
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      "title": "Figure 1.4",
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      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure14pdf.pdf",
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      "title": "Figure 1.5",
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      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure15pdf.pdf",
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      "title": "Figure 1.6",
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      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure16pdf.pdf",
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      "title": "Figure 1.7",
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      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure17pdf.pdf",
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      "title": "Figure 1.8",
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      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure18pdf.pdf",
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    {
      "title": "Figure 1.9",
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      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure19v2pdf.pdf",
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      "title": "Figure 2.10",
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    {
      "title": "Figure 2.1.1",
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    {
      "title": "Figure 2.1.2",
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      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c2/_figure212pdf.pdf",
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      "title": "Figure 2.13",
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      "title": "Figure 2.14",
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      "title": "Figure 2.15",
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      "title": "Figure 2.16",
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    {
      "title": "Figure 2.1",
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      "title": "Figure 2.2.1",
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      "title": "Figure 2.2",
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      "title": "Figure 2.3.1",
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      "title": "Figure 2.3",
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      "title": "Figure 2.4",
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      "title": "Figure 2.6",
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      "title": "Figure 2.7",
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      "title": "Figure 3.1.1",
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      "title": "Figure 3.1",
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