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

_Global Financial Stability Report, October 1, 2014_

## Source details

**Canonical URL:** [IMF Global Financial Stability Report: Risk Taking, Liquidity, and Shadow Banking: Curbing Excess While Promoting Growth](https://www.imf.org/en/publications/gfsr/issues/2016/12/31/risk-taking-liquidity-and-shadow-banking-curbing-excess-while-promoting-growth)

## Other formats

- [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)

## 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)](/external/pubs/ft/GFSR/2014/02/c1/figure1_1.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.1. Global Financial Stability Map (CSV)](/external/pubs/ft/GFSR/2014/02/c1/figure1_1.csv){rel="external" type="application/octet-stream"}
- **Figure 1.10. Financial Risk Taking and Volatility**
  - [Figure 1.10. Financial Risk Taking and Volatility (Markdown version)](/external/pubs/ft/GFSR/2014/02/c1/figure1_10.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.10. Financial Risk Taking and Volatility (CSV)](/external/pubs/ft/GFSR/2014/02/c1/figure1_10.csv){rel="external" type="application/octet-stream"}
- **Figure 1.11. United States: Nonfinancial Corporations� Credit Fundamentals**
  - [Figure 1.11. United States: Nonfinancial Corporations� Credit Fundamentals (Markdown version)](/external/pubs/ft/GFSR/2014/02/c1/figure1_11.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.11. United States: Nonfinancial Corporations� Credit Fundamentals (CSV)](/external/pubs/ft/GFSR/2014/02/c1/figure1_11.csv){rel="external" type="application/octet-stream"}
- **Figure 1.12. United States: Equity Market Fundamentals**
  - [Figure 1.12. United States: Equity Market Fundamentals (Markdown version)](/external/pubs/ft/GFSR/2014/02/c1/figure1_12.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.12. United States: Equity Market Fundamentals (CSV)](/external/pubs/ft/GFSR/2014/02/c1/figure1_12.csv){rel="external" type="application/octet-stream"}
- **figure1_13 — Emerging Market Corporate Debt and Fundamentals**
  - [figure1_13 — Emerging Market Corporate Debt and Fundamentals (Markdown version)](/external/pubs/ft/GFSR/2014/02/c1/figure1_13.csv.md){rel="alternate" type="text/markdown"}
  - [figure1_13 — Emerging Market Corporate Debt and Fundamentals (CSV)](/external/pubs/ft/GFSR/2014/02/c1/figure1_13.csv){rel="external" type="application/octet-stream"}
- **Figure 1.14. China Corporate Indicators**
  - [Figure 1.14. China Corporate Indicators (Markdown version)](/external/pubs/ft/GFSR/2014/02/c1/figure1_14.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.14. China Corporate Indicators (CSV)](/external/pubs/ft/GFSR/2014/02/c1/figure1_14.csv){rel="external" type="application/octet-stream"}
- **Figure 1.15. China’s Shadow Banking and Real Estate Markets**
  - [Figure 1.15. China’s Shadow Banking and Real Estate Markets (Markdown version)](/external/pubs/ft/GFSR/2014/02/c1/figure1_15.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.15. China’s Shadow Banking and Real Estate Markets (CSV)](/external/pubs/ft/GFSR/2014/02/c1/figure1_15.csv){rel="external" type="application/octet-stream"}
- **Figure1 16**
  - [Figure1 16 (Markdown version)](/external/pubs/ft/GFSR/2014/02/c1/figure1_16.csv.md){rel="alternate" type="text/markdown"}
  - [Figure1 16 (CSV)](/external/pubs/ft/GFSR/2014/02/c1/figure1_16.csv){rel="external" type="application/octet-stream"}
- **Figure 1.17. Bank Balance Sheets and Profitability**
  - [Figure 1.17. Bank Balance Sheets and Profitability (Markdown version)](/external/pubs/ft/GFSR/2014/02/c1/figure1_17.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.17. Bank Balance Sheets and Profitability (CSV)](/external/pubs/ft/GFSR/2014/02/c1/figure1_17.csv){rel="external" type="application/octet-stream"}
- **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)](/external/pubs/ft/GFSR/2014/02/c1/figure1_18.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.18. Where Are Banks in Their Transition to New Business Models? (CSV)](/external/pubs/ft/GFSR/2014/02/c1/figure1_18.csv){rel="external" type="application/octet-stream"}
- **Figure 1.19. Bank Lending and Nonbank Sources of Credit**
  - [Figure 1.19. Bank Lending and Nonbank Sources of Credit (Markdown version)](/external/pubs/ft/GFSR/2014/02/c1/figure1_19.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.19. Bank Lending and Nonbank Sources of Credit (CSV)](/external/pubs/ft/GFSR/2014/02/c1/figure1_19.csv){rel="external" type="application/octet-stream"}
- **Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions**
  - [Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions (Markdown version)](/external/pubs/ft/GFSR/2014/02/c1/figure1_2.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions (CSV)](/external/pubs/ft/GFSR/2014/02/c1/figure1_2.csv){rel="external" type="application/octet-stream"}
- **Figure 1.20. Market Liquidity: Rising Flow but Deteriorating Depth**
  - [Figure 1.20. Market Liquidity: Rising Flow but Deteriorating Depth (Markdown version)](/external/pubs/ft/GFSR/2014/02/c1/figure1_20.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.20. Market Liquidity: Rising Flow but Deteriorating Depth (CSV)](/external/pubs/ft/GFSR/2014/02/c1/figure1_20.csv){rel="external" type="application/octet-stream"}
- **Figure 1.23 Liquidity Risk Amplifiers**
  - [Figure 1.23 Liquidity Risk Amplifiers (Markdown version)](/external/pubs/ft/GFSR/2014/02/c1/figure1_23.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.23 Liquidity Risk Amplifiers (CSV)](/external/pubs/ft/GFSR/2014/02/c1/figure1_23.csv){rel="external" type="application/octet-stream"}
- **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)](/external/pubs/ft/GFSR/2014/02/c1/figure1_24.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.24. Flows and Concentration of Asset Allocations to Emerging Markets (CSV)](/external/pubs/ft/GFSR/2014/02/c1/figure1_24.csv){rel="external" type="application/octet-stream"}
- **Figure 1.25. Volatility Developments**
  - [Figure 1.25. Volatility Developments (Markdown version)](/external/pubs/ft/GFSR/2014/02/c1/figure1_25.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.25. Volatility Developments (CSV)](/external/pubs/ft/GFSR/2014/02/c1/figure1_25.csv){rel="external" type="application/octet-stream"}
- **Figure1 26**
  - [Figure1 26 (Markdown version)](/external/pubs/ft/GFSR/2014/02/c1/figure1_26.csv.md){rel="alternate" type="text/markdown"}
  - [Figure1 26 (CSV)](/external/pubs/ft/GFSR/2014/02/c1/figure1_26.csv){rel="external" type="application/octet-stream"}
- **Figure 1.27. Stretched Valuations across Asset Classes**
  - [Figure 1.27. Stretched Valuations across Asset Classes (Markdown version)](/external/pubs/ft/GFSR/2014/02/c1/figure1_27.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.27. Stretched Valuations across Asset Classes (CSV)](/external/pubs/ft/GFSR/2014/02/c1/figure1_27.csv){rel="external" type="application/octet-stream"}
- **Figure1 28**
  - [Figure1 28 (Markdown version)](/external/pubs/ft/GFSR/2014/02/c1/figure1_28.csv.md){rel="alternate" type="text/markdown"}
  - [Figure1 28 (CSV)](/external/pubs/ft/GFSR/2014/02/c1/figure1_28.csv){rel="external" type="application/octet-stream"}
- **Figure 1.3. United States: How Far along the Exit Process?**
  - [Figure 1.3. United States: How Far along the Exit Process? (Markdown version)](/external/pubs/ft/GFSR/2014/02/c1/figure1_3.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.3. United States: How Far along the Exit Process? (CSV)](/external/pubs/ft/GFSR/2014/02/c1/figure1_3.csv){rel="external" type="application/octet-stream"}
- **Figure 1.4. Emerging Market Developments**
  - [Figure 1.4. Emerging Market Developments (Markdown version)](/external/pubs/ft/GFSR/2014/02/c1/figure1_4.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.4. Emerging Market Developments (CSV)](/external/pubs/ft/GFSR/2014/02/c1/figure1_4.csv){rel="external" type="application/octet-stream"}
- **Figure 1.5. Financial Markets are Buoyant, Despite Economic Disappointments**
  - [Figure 1.5. Financial Markets are Buoyant, Despite Economic Disappointments (Markdown version)](/external/pubs/ft/GFSR/2014/02/c1/figure1_5.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.5. Financial Markets are Buoyant, Despite Economic Disappointments (CSV)](/external/pubs/ft/GFSR/2014/02/c1/figure1_5.csv){rel="external" type="application/octet-stream"}
- **Figure 1.6. Global Heat Maps**
  - [Figure 1.6. Global Heat Maps (Markdown version)](/external/pubs/ft/GFSR/2014/02/c1/figure1_6.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.6. Global Heat Maps (CSV)](/external/pubs/ft/GFSR/2014/02/c1/figure1_6.csv){rel="external" type="application/octet-stream"}
- **Figure 1.7. Indebtedness and Leverage in Selected Advanced Economies**
  - [Figure 1.7. Indebtedness and Leverage in Selected Advanced Economies (Markdown version)](/external/pubs/ft/GFSR/2014/02/c1/figure1_7.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.7. Indebtedness and Leverage in Selected Advanced Economies (CSV)](/external/pubs/ft/GFSR/2014/02/c1/figure1_7.csv){rel="external" type="application/octet-stream"}
- **figure1_8**
  - [figure1_8 (Markdown version)](/external/pubs/ft/GFSR/2014/02/c1/figure1_8.csv.md){rel="alternate" type="text/markdown"}
  - [figure1_8 (CSV)](/external/pubs/ft/GFSR/2014/02/c1/figure1_8.csv){rel="external" type="application/octet-stream"}
- **Figure 1.9. Euro Area Nonfinancial Firms: Capital Expenditure Developments**
  - [Figure 1.9. Euro Area Nonfinancial Firms: Capital Expenditure Developments (Markdown version)](/external/pubs/ft/GFSR/2014/02/c1/figure1_9.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1.9. Euro Area Nonfinancial Firms: Capital Expenditure Developments (CSV)](/external/pubs/ft/GFSR/2014/02/c1/figure1_9.csv){rel="external" type="application/octet-stream"}
- **Figure 2.2.1. New Shadow Banking Developments and Risks**
  - [Figure 2.2.1. New Shadow Banking Developments and Risks (Markdown version)](/external/pubs/ft/GFSR/2014/02/c2/boxfigure2_2.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.2.1. New Shadow Banking Developments and Risks (CSV)](/external/pubs/ft/GFSR/2014/02/c2/boxfigure2_2.csv){rel="external" type="application/octet-stream"}
- **Figure 2.11. Systemic Risk and Interdependence of Financial Intermediaries**
  - [Figure 2.11. Systemic Risk and Interdependence of Financial Intermediaries (Markdown version)](/external/pubs/ft/GFSR/2014/02/c2/figure2_11.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.11. Systemic Risk and Interdependence of Financial Intermediaries (CSV)](/external/pubs/ft/GFSR/2014/02/c2/figure2_11.csv){rel="external" type="application/octet-stream"}
- **Figure2 12**
  - [Figure2 12 (Markdown version)](/external/pubs/ft/GFSR/2014/02/c2/figure2_12.csv.md){rel="alternate" type="text/markdown"}
  - [Figure2 12 (CSV)](/external/pubs/ft/GFSR/2014/02/c2/figure2_12.csv){rel="external" type="application/octet-stream"}
- **Figure 2.2. Lending by Shadow Banks**
  - [Figure 2.2. Lending by Shadow Banks (Markdown version)](/external/pubs/ft/GFSR/2014/02/c2/figure2_2.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.2. Lending by Shadow Banks (CSV)](/external/pubs/ft/GFSR/2014/02/c2/figure2_2.csv){rel="external" type="application/octet-stream"}
- **Figure 2.6. Size of the Shadow Banking Markets**
  - [Figure 2.6. Size of the Shadow Banking Markets (Markdown version)](/external/pubs/ft/GFSR/2014/02/c2/figure2_6.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 2.6. Size of the Shadow Banking Markets (CSV)](/external/pubs/ft/GFSR/2014/02/c2/figure2_6.csv){rel="external" type="application/octet-stream"}
- **Box Figure 3.4.1. Customer Complaints by Sector**
  - [Box Figure 3.4.1. Customer Complaints by Sector (Markdown version)](/external/pubs/ft/GFSR/2014/02/c3/boxfigure3_4.csv.md){rel="alternate" type="text/markdown"}
  - [Box Figure 3.4.1. Customer Complaints by Sector (CSV)](/external/pubs/ft/GFSR/2014/02/c3/boxfigure3_4.csv){rel="external" type="application/octet-stream"}
- **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)](/external/pubs/ft/GFSR/2014/02/c3/figure3_1.csv.md){rel="alternate" type="text/markdown"}
  - [Figure  3.1. Corporate Complexity and Opacity: Dispersion of Earnings-per-Share Forecasts by Sector (CSV)](/external/pubs/ft/GFSR/2014/02/c3/figure3_1.csv){rel="external" type="application/octet-stream"}
- **Figure 3.2. Trends in Compensation Practices in Banks**
  - [Figure 3.2. Trends in Compensation Practices in Banks (Markdown version)](/external/pubs/ft/GFSR/2014/02/c3/figure3_2.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 3.2. Trends in Compensation Practices in Banks (CSV)](/external/pubs/ft/GFSR/2014/02/c3/figure3_2.csv){rel="external" type="application/octet-stream"}
- **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)](/external/pubs/ft/GFSR/2014/02/c3/figure3_3.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 3.3 Summary Statistics of Board and Ownership Structures in Banks (CSV)](/external/pubs/ft/GFSR/2014/02/c3/figure3_3.csv){rel="external" type="application/octet-stream"}
- **Figure 1. Major Net Exporters and Importers of Capital, 2013**
  - [Figure 1. Major Net Exporters and Importers of Capital, 2013 (Markdown version)](/external/pubs/ft/GFSR/2014/02/sa/sa_figure1.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 1. Major Net Exporters and Importers of Capital, 2013 (CSV)](/external/pubs/ft/GFSR/2014/02/sa/sa_figure1.csv){rel="external" type="application/octet-stream"}
- **sa_figure6 — Dataset overview**
  - [sa_figure6 — Dataset overview (Markdown version)](/external/pubs/ft/GFSR/2014/02/sa/sa_figure6.csv.md){rel="alternate" type="text/markdown"}
  - [sa_figure6 — Dataset overview (CSV)](/external/pubs/ft/GFSR/2014/02/sa/sa_figure6.csv){rel="external" type="application/octet-stream"}
- **Figure 7. Euro Area Corporate Bond Market**
  - [Figure 7. Euro Area Corporate Bond Market (Markdown version)](/external/pubs/ft/GFSR/2014/02/sa/sa_figure7.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 7. Euro Area Corporate Bond Market (CSV)](/external/pubs/ft/GFSR/2014/02/sa/sa_figure7.csv){rel="external" type="application/octet-stream"}
- **Figure 8. U.S. Commercial Paper Market**
  - [Figure 8. U.S. Commercial Paper Market (Markdown version)](/external/pubs/ft/GFSR/2014/02/sa/sa_figure8.csv.md){rel="alternate" type="text/markdown"}
  - [Figure 8. U.S. Commercial Paper Market (CSV)](/external/pubs/ft/GFSR/2014/02/sa/sa_figure8.csv){rel="external" type="application/octet-stream"}
- **Table 1. Capital Market Size: Selected Indicators, 2013**
  - [Table 1. Capital Market Size: Selected Indicators, 2013 (Markdown version)](/external/pubs/ft/GFSR/2014/02/sa/sa_table1.csv.md){rel="alternate" type="text/markdown"}
  - [Table 1. Capital Market Size: Selected Indicators, 2013 (CSV)](/external/pubs/ft/GFSR/2014/02/sa/sa_table1.csv){rel="external" type="application/octet-stream"}
- **Table 10. Emerging Markets: Mutual Funds**
  - [Table 10. Emerging Markets: Mutual Funds (Markdown version)](/external/pubs/ft/GFSR/2014/02/sa/sa_table10.csv.md){rel="alternate" type="text/markdown"}
  - [Table 10. Emerging Markets: Mutual Funds (CSV)](/external/pubs/ft/GFSR/2014/02/sa/sa_table10.csv){rel="external" type="application/octet-stream"}
- **Table 2. MSCI Equity Market Indices**
  - [Table 2. MSCI Equity Market Indices (Markdown version)](/external/pubs/ft/GFSR/2014/02/sa/sa_table2.csv.md){rel="alternate" type="text/markdown"}
  - [Table 2. MSCI Equity Market Indices (CSV)](/external/pubs/ft/GFSR/2014/02/sa/sa_table2.csv){rel="external" type="application/octet-stream"}
- **Table 3. Emerging Markets Bond Index: EMBI Global Sovereign Yield Spreads**
  - [Table 3. Emerging Markets Bond Index: EMBI Global Sovereign Yield Spreads (Markdown version)](/external/pubs/ft/GFSR/2014/02/sa/sa_table3.csv.md){rel="alternate" type="text/markdown"}
  - [Table 3. Emerging Markets Bond Index: EMBI Global Sovereign Yield Spreads (CSV)](/external/pubs/ft/GFSR/2014/02/sa/sa_table3.csv){rel="external" type="application/octet-stream"}
- **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)](/external/pubs/ft/GFSR/2014/02/sa/sa_table4.csv.md){rel="alternate" type="text/markdown"}
  - [Table 4. Emerging Market Private External Financing: Total Bonds, Equities, and Loans (CSV)](/external/pubs/ft/GFSR/2014/02/sa/sa_table4.csv){rel="external" type="application/octet-stream"}
- **Table 5. Emerging Market Private External Financing: Bonds**
  - [Table 5. Emerging Market Private External Financing: Bonds (Markdown version)](/external/pubs/ft/GFSR/2014/02/sa/sa_table5.csv.md){rel="alternate" type="text/markdown"}
  - [Table 5. Emerging Market Private External Financing: Bonds (CSV)](/external/pubs/ft/GFSR/2014/02/sa/sa_table5.csv){rel="external" type="application/octet-stream"}
- **Table 6. Emerging Market Private External Financing: Equity**
  - [Table 6. Emerging Market Private External Financing: Equity (Markdown version)](/external/pubs/ft/GFSR/2014/02/sa/sa_table6.csv.md){rel="alternate" type="text/markdown"}
  - [Table 6. Emerging Market Private External Financing: Equity (CSV)](/external/pubs/ft/GFSR/2014/02/sa/sa_table6.csv){rel="external" type="application/octet-stream"}
- **Table 7. Emerging Market Private External Financing: Loans**
  - [Table 7. Emerging Market Private External Financing: Loans (Markdown version)](/external/pubs/ft/GFSR/2014/02/sa/sa_table7.csv.md){rel="alternate" type="text/markdown"}
  - [Table 7. Emerging Market Private External Financing: Loans (CSV)](/external/pubs/ft/GFSR/2014/02/sa/sa_table7.csv){rel="external" type="application/octet-stream"}
- **Table 8. Equity Valuation Measures: Dividend-Yield Ratios**
  - [Table 8. Equity Valuation Measures: Dividend-Yield Ratios (Markdown version)](/external/pubs/ft/GFSR/2014/02/sa/sa_table8.csv.md){rel="alternate" type="text/markdown"}
  - [Table 8. Equity Valuation Measures: Dividend-Yield Ratios (CSV)](/external/pubs/ft/GFSR/2014/02/sa/sa_table8.csv){rel="external" type="application/octet-stream"}
- **Table 9. Equity Valuation Measures: Price/Earnings Ratios**
  - [Table 9. Equity Valuation Measures: Price/Earnings Ratios (Markdown version)](/external/pubs/ft/GFSR/2014/02/sa/sa_table9.csv.md){rel="alternate" type="text/markdown"}
  - [Table 9. Equity Valuation Measures: Price/Earnings Ratios (CSV)](/external/pubs/ft/GFSR/2014/02/sa/sa_table9.csv){rel="external" type="application/octet-stream"}
- **تقرير الاستقرار المالي العالمي:  ملخص الفصل الثاني والفصل الثالث - أكتوبر 2014**
  - [تقرير الاستقرار المالي العالمي:  ملخص الفصل الثاني والفصل الثالث - أكتوبر 2014 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/gfsr/2014/02/pdf/_suma.pdf.md){rel="alternate" type="text/markdown"}
  - [تقرير الاستقرار المالي العالمي:  ملخص الفصل الثاني والفصل الثالث - أكتوبر 2014 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/gfsr/2014/02/pdf/_suma.pdf){rel="external" type="application/pdf"}
- **execsuma**
  - [execsuma (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/gfsr/2014/02/pdf/execsuma.pdf.md){rel="alternate" type="text/markdown"}
  - [execsuma (PDF)](/-/media/websites/imf/imported-flagship-issues/external/arabic/pubs/ft/gfsr/2014/02/pdf/execsuma.pdf){rel="external" type="application/pdf"}
- **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)](/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/gfsr/2014/02/pdf/_sumc.pdf.md){rel="alternate" type="text/markdown"}
  - [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)](/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/gfsr/2014/02/pdf/_sumc.pdf){rel="external" type="application/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)](/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/gfsr/2014/02/pdf/execsumc.pdf.md){rel="alternate" type="text/markdown"}
  - [2014年10月《全球金融稳定报告》概要 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/gfsr/2014/02/pdf/execsumc.pdf){rel="external" type="application/pdf"}
- **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**
  - [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)](/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/survey/so/2014/_pol100114ac.pdf.md){rel="alternate" type="text/markdown"}
  - [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)](/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/survey/so/2014/_pol100114ac.pdf){rel="external" type="application/pdf"}
- **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**
  - [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)](/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/survey/so/2014/_pol100114bc.pdf.md){rel="alternate" type="text/markdown"}
  - [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)](/-/media/websites/imf/imported-flagship-issues/external/chinese/pubs/ft/survey/so/2014/_pol100114bc.pdf){rel="external" type="application/pdf"}
- **Chapitres 2 et 3 — Synthèse**
  - [Chapitres 2 et 3 — Synthèse (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/gfsr/2014/02/pdf/_sumf.pdf.md){rel="alternate" type="text/markdown"}
  - [Chapitres 2 et 3 — Synthèse (PDF)](/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/gfsr/2014/02/pdf/_sumf.pdf){rel="external" type="application/pdf"}
- **execsumf**
  - [execsumf (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/gfsr/2014/02/pdf/execsumf.pdf.md){rel="alternate" type="text/markdown"}
  - [execsumf (PDF)](/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/gfsr/2014/02/pdf/execsumf.pdf){rel="external" type="application/pdf"}
- **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: 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)](/-/media/websites/imf/imported-flagship-issues/external/japanese/pubs/ft/gfsr/2014/02/pdf/_sumj.pdf.md){rel="alternate" type="text/markdown"}
  - [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)](/-/media/websites/imf/imported-flagship-issues/external/japanese/pubs/ft/gfsr/2014/02/pdf/_sumj.pdf){rel="external" type="application/pdf"}
- **国際金融安定性報告書**
  - [国際金融安定性報告書 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/japanese/pubs/ft/gfsr/2014/02/pdf/execsumj.pdf.md){rel="alternate" type="text/markdown"}
  - [国際金融安定性報告書 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/japanese/pubs/ft/gfsr/2014/02/pdf/execsumj.pdf){rel="external" type="application/pdf"}
- **Figure 1.10**
  - [Figure 1.10 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure110pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.10 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure110pdf.pdf){rel="external" type="application/pdf"}
- **Figure 1.11**
  - [Figure 1.11 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure111pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.11 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure111pdf.pdf){rel="external" type="application/pdf"}
- **Figure 1.12**
  - [Figure 1.12 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure112pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.12 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure112pdf.pdf){rel="external" type="application/pdf"}
- **Figure 1.13**
  - [Figure 1.13 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure113pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.13 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure113pdf.pdf){rel="external" type="application/pdf"}
- **Figure 1.14**
  - [Figure 1.14 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure114pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.14 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure114pdf.pdf){rel="external" type="application/pdf"}
- **Figure 1.15**
  - [Figure 1.15 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure115pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.15 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure115pdf.pdf){rel="external" type="application/pdf"}
- **Figure 1.16**
  - [Figure 1.16 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure116pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.16 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure116pdf.pdf){rel="external" type="application/pdf"}
- **Figure 1.17a**
  - [Figure 1.17a (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure117apdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.17a (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure117apdf.pdf){rel="external" type="application/pdf"}
- **Figure 1.17b**
  - [Figure 1.17b (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure117bpdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.17b (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure117bpdf.pdf){rel="external" type="application/pdf"}
- **Figure 1.18**
  - [Figure 1.18 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure118pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.18 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure118pdf.pdf){rel="external" type="application/pdf"}
- **Figure 1.19**
  - [Figure 1.19 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure119pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.19 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure119pdf.pdf){rel="external" type="application/pdf"}
- **Figure 1.1**
  - [Figure 1.1 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure11pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.1 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure11pdf.pdf){rel="external" type="application/pdf"}
- **Figure 1.20**
  - [Figure 1.20 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure120pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.20 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure120pdf.pdf){rel="external" type="application/pdf"}
- **Figure 1.21**
  - [Figure 1.21 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure121pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.21 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure121pdf.pdf){rel="external" type="application/pdf"}
- **Figure 1.22**
  - [Figure 1.22 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure122pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.22 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure122pdf.pdf){rel="external" type="application/pdf"}
- **Figure 1.23**
  - [Figure 1.23 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure123pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.23 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure123pdf.pdf){rel="external" type="application/pdf"}
- **Figure 1.24**
  - [Figure 1.24 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure124pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.24 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure124pdf.pdf){rel="external" type="application/pdf"}
- **Figure 1.25**
  - [Figure 1.25 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure125v2pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.25 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure125v2pdf.pdf){rel="external" type="application/pdf"}
- **Figure 1.26**
  - [Figure 1.26 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure126v2pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.26 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure126v2pdf.pdf){rel="external" type="application/pdf"}
- **Figure 1.27**
  - [Figure 1.27 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure127pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.27 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure127pdf.pdf){rel="external" type="application/pdf"}
- **Figure 1.28**
  - [Figure 1.28 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure128pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.28 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure128pdf.pdf){rel="external" type="application/pdf"}
- **Figure 1.29**
  - [Figure 1.29 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure129pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.29 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure129pdf.pdf){rel="external" type="application/pdf"}
- **Figure 1.2**
  - [Figure 1.2 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure12pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.2 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure12pdf.pdf){rel="external" type="application/pdf"}
- **Figure 1.30**
  - [Figure 1.30 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure130pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.30 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure130pdf.pdf){rel="external" type="application/pdf"}
- **Figure 1.3**
  - [Figure 1.3 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure13pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.3 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure13pdf.pdf){rel="external" type="application/pdf"}
- **Figure 1.4**
  - [Figure 1.4 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure14pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.4 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure14pdf.pdf){rel="external" type="application/pdf"}
- **Figure 1.5**
  - [Figure 1.5 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure15pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.5 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure15pdf.pdf){rel="external" type="application/pdf"}
- **Figure 1.6**
  - [Figure 1.6 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure16pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.6 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure16pdf.pdf){rel="external" type="application/pdf"}
- **Figure 1.7**
  - [Figure 1.7 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure17pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.7 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure17pdf.pdf){rel="external" type="application/pdf"}
- **Figure 1.8**
  - [Figure 1.8 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure18pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.8 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure18pdf.pdf){rel="external" type="application/pdf"}
- **Figure 1.9**
  - [Figure 1.9 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure19v2pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 1.9 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c1/_figure19v2pdf.pdf){rel="external" type="application/pdf"}
- **Figure 2.10**
  - [Figure 2.10 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c2/_figure210pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 2.10 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c2/_figure210pdf.pdf){rel="external" type="application/pdf"}
- **Figure 2.1.1**
  - [Figure 2.1.1 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c2/_figure211pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 2.1.1 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c2/_figure211pdf.pdf){rel="external" type="application/pdf"}
- **Figure 2.1.2**
  - [Figure 2.1.2 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c2/_figure212pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 2.1.2 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c2/_figure212pdf.pdf){rel="external" type="application/pdf"}
- **Figure 2.13**
  - [Figure 2.13 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c2/_figure213pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 2.13 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c2/_figure213pdf.pdf){rel="external" type="application/pdf"}
- **Figure 2.14**
  - [Figure 2.14 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c2/_figure214pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 2.14 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c2/_figure214pdf.pdf){rel="external" type="application/pdf"}
- **Figure 2.15**
  - [Figure 2.15 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c2/_figure215pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 2.15 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c2/_figure215pdf.pdf){rel="external" type="application/pdf"}
- **Figure 2.16**
  - [Figure 2.16 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c2/_figure216pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 2.16 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c2/_figure216pdf.pdf){rel="external" type="application/pdf"}
- **Figure 2.1**
  - [Figure 2.1 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c2/_figure21pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 2.1 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c2/_figure21pdf.pdf){rel="external" type="application/pdf"}
- **Figure 2.2.1**
  - [Figure 2.2.1 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c2/_figure221pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 2.2.1 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c2/_figure221pdf.pdf){rel="external" type="application/pdf"}
- **Figure 2.2**
  - [Figure 2.2 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c2/_figure22pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 2.2 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c2/_figure22pdf.pdf){rel="external" type="application/pdf"}
- **Figure 2.3.1**
  - [Figure 2.3.1 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c2/_figure231pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 2.3.1 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c2/_figure231pdf.pdf){rel="external" type="application/pdf"}
- **Figure 2.3**
  - [Figure 2.3 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c2/_figure23pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 2.3 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c2/_figure23pdf.pdf){rel="external" type="application/pdf"}
- **Figure 2.4**
  - [Figure 2.4 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c2/_figure24pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 2.4 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c2/_figure24pdf.pdf){rel="external" type="application/pdf"}
- **Figure 2.5**
  - [Figure 2.5 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c2/_figure25pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 2.5 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c2/_figure25pdf.pdf){rel="external" type="application/pdf"}
- **Figure 2.6**
  - [Figure 2.6 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c2/_figure26pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 2.6 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c2/_figure26pdf.pdf){rel="external" type="application/pdf"}
- **Figure 2.7**
  - [Figure 2.7 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c2/_figure27pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 2.7 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c2/_figure27pdf.pdf){rel="external" type="application/pdf"}
- **Figure 2.8**
  - [Figure 2.8 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c2/_figure28pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 2.8 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c2/_figure28pdf.pdf){rel="external" type="application/pdf"}
- **Figure 2.9**
  - [Figure 2.9 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c2/_figure29pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 2.9 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c2/_figure29pdf.pdf){rel="external" type="application/pdf"}
- **Figure 3.1.1**
  - [Figure 3.1.1 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c3/_figure311pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 3.1.1 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c3/_figure311pdf.pdf){rel="external" type="application/pdf"}
- **Figure 3.1**
  - [Figure 3.1 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c3/_figure31pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 3.1 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c3/_figure31pdf.pdf){rel="external" type="application/pdf"}
- **Figure 3.2**
  - [Figure 3.2 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c3/_figure32pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 3.2 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c3/_figure32pdf.pdf){rel="external" type="application/pdf"}
- **Figure 3.3**
  - [Figure 3.3 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c3/_figure33pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 3.3 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c3/_figure33pdf.pdf){rel="external" type="application/pdf"}
- **Figure 3.4.1**
  - [Figure 3.4.1 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c3/_figure341pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 3.4.1 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c3/_figure341pdf.pdf){rel="external" type="application/pdf"}
- **Figure 3.4**
  - [Figure 3.4 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c3/_figure34pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 3.4 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c3/_figure34pdf.pdf){rel="external" type="application/pdf"}
- **Figure 3.5**
  - [Figure 3.5 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c3/_figure35pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 3.5 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c3/_figure35pdf.pdf){rel="external" type="application/pdf"}
- **Figure 3.6**
  - [Figure 3.6 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c3/_figure36pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 3.6 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c3/_figure36pdf.pdf){rel="external" type="application/pdf"}
- **Figure 3.7**
  - [Figure 3.7 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c3/_figure37pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 3.7 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c3/_figure37pdf.pdf){rel="external" type="application/pdf"}
- **Figure 3.8**
  - [Figure 3.8 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c3/_figure38pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Figure 3.8 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/c3/_figure38pdf.pdf){rel="external" type="application/pdf"}
- **C1pdf**
  - [C1pdf (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/pdf/_c1pdf.pdf){rel="external" type="application/pdf"}
- **C2pdf**
  - [C2pdf (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/pdf/_c2pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [C2pdf (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/pdf/_c2pdf.pdf){rel="external" type="application/pdf"}
- **C3pdf**
  - [C3pdf (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/pdf/_c3pdf.pdf){rel="external" type="application/pdf"}
- **GFSR- October 2014: Executive Summary**
  - [GFSR- October 2014: Executive Summary (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/pdf/_execsum.pdf.md){rel="alternate" type="text/markdown"}
  - [GFSR- October 2014: Executive Summary (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/pdf/_execsum.pdf){rel="external" type="application/pdf"}
- **GFSR- October 2014: Executive Summary**
  - [GFSR- October 2014: Executive Summary (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/pdf/_execsumpdf.pdf.md){rel="alternate" type="text/markdown"}
  - [GFSR- October 2014: Executive Summary (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/pdf/_execsumpdf.pdf){rel="external" type="application/pdf"}
- **GFSR- October 2014: Preface**
  - [GFSR- October 2014: Preface (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/pdf/_prefacepdf.pdf.md){rel="alternate" type="text/markdown"}
  - [GFSR- October 2014: Preface (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/pdf/_prefacepdf.pdf){rel="external" type="application/pdf"}
- **Global Financial Stability Report- October 2014: Statistical Appendix**
  - [Global Financial Stability Report- October 2014: Statistical Appendix (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/pdf/_statapppdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Global Financial Stability Report- October 2014: Statistical Appendix (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/pdf/_statapppdf.pdf){rel="external" type="application/pdf"}
- **GFSR- October 2014: Chapter 2 and Chapter 3 Summaries**
  - [GFSR- October 2014: Chapter 2 and Chapter 3 Summaries (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/pdf/_sum.pdf.md){rel="alternate" type="text/markdown"}
  - [GFSR- October 2014: Chapter 2 and Chapter 3 Summaries (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/pdf/_sum.pdf){rel="external" type="application/pdf"}
- **Shadow Banking Around the Globe: How Large, and How Risky?**
  - [Shadow Banking Around the Globe: How Large, and How Risky? (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/pdf/_sum2pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Shadow Banking Around the Globe: How Large, and How Risky? (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/pdf/_sum2pdf.pdf){rel="external" type="application/pdf"}
- **Risk Taking by Banks: The Role of Governance and Executive Pay**
  - [Risk Taking by Banks: The Role of Governance and Executive Pay (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/pdf/_sum3pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Risk Taking by Banks: The Role of Governance and Executive Pay (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/pdf/_sum3pdf.pdf){rel="external" type="application/pdf"}
- **Text**
  - [Text (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/pdf/_text.pdf.md){rel="alternate" type="text/markdown"}
  - [Text (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/pdf/_text.pdf){rel="external" type="application/pdf"}
- **Textpdf**
  - [Textpdf (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/pdf/_textpdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Textpdf (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/pdf/_textpdf.pdf){rel="external" type="application/pdf"}
- **SA_Figure 1**
  - [SA_Figure 1 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/sa/_safigure1pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [SA_Figure 1 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/sa/_safigure1pdf.pdf){rel="external" type="application/pdf"}
- **SA_Figure 2 - CDS**
  - [SA_Figure 2 - CDS (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/sa/_safigure2pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [SA_Figure 2 - CDS (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/sa/_safigure2pdf.pdf){rel="external" type="application/pdf"}
- **SA_Figure 3 - CDS**
  - [SA_Figure 3 - CDS (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/sa/_safigure3pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [SA_Figure 3 - CDS (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/sa/_safigure3pdf.pdf){rel="external" type="application/pdf"}
- **SA_Fig 4_Selected Spreads**
  - [SA_Fig 4_Selected Spreads (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/sa/_safigure4pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [SA_Fig 4_Selected Spreads (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/sa/_safigure4pdf.pdf){rel="external" type="application/pdf"}
- **SA_Fig 5_Implied vol**
  - [SA_Fig 5_Implied vol (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/sa/_safigure5pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [SA_Fig 5_Implied vol (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/sa/_safigure5pdf.pdf){rel="external" type="application/pdf"}
- **SA_Fig 6_US_corpbond_issuance**
  - [SA_Fig 6_US_corpbond_issuance (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/sa/_safigure6pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [SA_Fig 6_US_corpbond_issuance (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/sa/_safigure6pdf.pdf){rel="external" type="application/pdf"}
- **SA_Fig 7_European bond issuance**
  - [SA_Fig 7_European bond issuance (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/sa/_safigure7pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [SA_Fig 7_European bond issuance (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/sa/_safigure7pdf.pdf){rel="external" type="application/pdf"}
- **SA_Fig 8_Commercial paper**
  - [SA_Fig 8_Commercial paper (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/sa/_safigure8pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [SA_Fig 8_Commercial paper (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/gfsr/2014/02/sa/_safigure8pdf.pdf){rel="external" type="application/pdf"}
- **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)](/-/media/websites/imf/imported-flagship-issues/external/russian/pubs/ft/gfsr/2014/02/pdf/_sumr.pdf.md){rel="alternate" type="text/markdown"}
  - [Резюме по главам 2 и 3 -- Доклад по вопросам глобальной финансовой стабильности, oктябрь 2014 года (PDF)](/-/media/websites/imf/imported-flagship-issues/external/russian/pubs/ft/gfsr/2014/02/pdf/_sumr.pdf){rel="external" type="application/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)](/-/media/websites/imf/imported-flagship-issues/external/russian/pubs/ft/gfsr/2014/02/pdf/execsumr.pdf.md){rel="alternate" type="text/markdown"}
  - [Аналитическое резюме -- Доклад по вопросам глобальной финансовой стабильности, октябрь 2014 года (PDF)](/-/media/websites/imf/imported-flagship-issues/external/russian/pubs/ft/gfsr/2014/02/pdf/execsumr.pdf){rel="external" type="application/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)](/-/media/websites/imf/imported-flagship-issues/external/spanish/pubs/ft/gfsr/2014/02/pdf/_sums.pdf.md){rel="alternate" type="text/markdown"}
  - [Informe sobre la estabilidad financiera mundial - Resúmenes de los capítulos 2 y 3; Octubre de 2014 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/spanish/pubs/ft/gfsr/2014/02/pdf/_sums.pdf){rel="external" type="application/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)](/-/media/websites/imf/imported-flagship-issues/external/spanish/pubs/ft/gfsr/2014/02/pdf/execsums.pdf.md){rel="alternate" type="text/markdown"}
  - [Informe sobre la estabilidad financiera mundial - Resumen Ejecutivo; Octubre de 2014 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/spanish/pubs/ft/gfsr/2014/02/pdf/execsums.pdf){rel="external" type="application/pdf"}

---

## References

- [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/)

_Source: https://www.imf.org/en/publications/gfsr/issues/2016/12/31/risk-taking-liquidity-and-shadow-banking-curbing-excess-while-promoting-growth_