Global Financial Stability Report: Getting the Policy Mix Right

Global Financial Stability Report, April 2017

Source details

Canonical URL

Global Financial Stability Report: Getting the Policy Mix Right

Other formats

• Markdown version
• Structured JSON version
• Bundle manifest

Bibliographic details

• Published: April 6, 2017

Overview

• The April 2017 Global Financial Stability Report (GFSR) finds that financial stability has continued to improve since last October.
• Economic activity has gained momentum and longer-term interest rates have risen, helping to boost the earnings of banks and insurance companies.
• Emerging threats: elevated political and policy uncertainty around the globe; potential for higher risk premiums and volatility if policy in advanced economies leads to a less benign path for growth and debt; a shift toward protectionism in advanced economies could reduce global growth and trade, impede capital flows, and dampen market sentiment.
• Report includes chapters on: policy mix (Chapter 1), effects of prolonged low-growth/low-interest environment on financial intermediation (Chapter 2), and the ability of country authorities to influence domestic financial conditions in a financially integrated world (Chapter 3).

Chapter 1 — Getting the Policy Mix Right: Key findings

• Financial stability improvement since the October 2016 GFSR: stronger economic activity and higher longer-term interest rates have improved bank and insurer earnings and appetite for risk.
• New risks to financial stability stem from elevated political and policy uncertainty globally.
• Potential adverse scenarios:
  • Policy developments in advanced economies that lead to a less benign path for growth and debt could sharply raise risk premiums and volatility.
  • A shift toward protectionism in advanced economies could reduce global growth and trade, impede capital flows, and dampen market sentiment.
• Policy guidance by region:
  • United States: provide incentives for economic risk taking while guarding against excessive financial risk taking that could undermine financial stability.
  • Emerging market economies: address domestic imbalances and protect against external shocks.
  • Europe: tackle structural challenges in domestic banking systems; avoid rollback of postcrisis reforms that have strengthened oversight, raised capital and liquidity buffers, and improved cooperation among regulators.
• Boxes and special topics include: fragilities in offshore dollar funding, implications of Brexit for financial stability and efficiency.
• Figures and diagnostics: multiple charts on global financial stability map, U.S. corporate sector and valuations, capital flows to emerging market economies, and banking-sector metrics (see listed figure titles).

Chapter 2 — Low Growth, Low Interest Rates, and Financial Intermediation: Key findings

• Analyzes long-term impact of a sustained low-growth, low real and nominal rate scenario on financial institutions and products.
• Context: advanced economies have experienced low interest rates and growth since the global financial crisis; recent increases in longer-term yields do not guarantee an imminent exit from low rates.
• Structural factors sustaining low rates: demographic aging and stagnation in productivity growth.
• Likely effects in a low-for-long environment:
  • Yield curves would likely flatten.
  • Lower credit demand combined with flatter yield curves would lower bank earnings, particularly for smaller, deposit-funded, and less diversified institutions.
  • Long-lasting challenges for life insurers and defined-benefit pension funds.
  • Banking may evolve toward fee-based services as household demand for transaction services rises and credit demand falls.
  • Aging increases demand for health and long-term-care insurance; low asset returns accelerate transition to defined-contribution private pension plans.
  • Demand likely to weaken for long-term savings products offered by insurers in favor of passive index funds.
• Policy implication: policies could help ease adjustment by providing incentives to ensure longer-term stability rather than merely attenuating short-term pain.
• Sections and analytic elements include: Term Structure of Interest Rates; Banking with Low Natural Rates of Interest; Insurance and Pensions in a Low Natural Rate Economy; Asset Allocation, Market Finance, and Financial Stability; Policy Implications and Conclusions; empirical and theoretical annex figures.

Chapter 3 — Are Countries Losing Control of Domestic Financial Conditions? Key findings

• Developed financial conditions indices for a large set of advanced and emerging market economies.
• Global financial conditions account for 20 to 40 percent of the variation in countries’ domestic financial conditions, with notable differences among economies.
• The importance of the global factor does not seem to have increased much over the past two decades.
• Despite significant global influence, countries retain influence to achieve domestic objectives—specifically, through monetary policy.
• Challenges and recommendations:
  • Domestic financial conditions react strongly and rapidly to global financial shocks, complicating timely policy responses.
  • Emerging market economies are more sensitive to global financial conditions and should prepare for tighter external financial conditions.
  • Governments can promote domestic financial deepening to enhance resilience: develop a local investor base and foster greater equity- and bond-market depth and liquidity to dampen the impact of global shocks.
• Empirical elements include: financial conditions indices, variance decomposition showing share attributable to global financial and monetary policy shocks, and responses of domestic financial conditions to shocks.

Key statistics and diagnostics (as presented)

• Global financial conditions account for 20 to 40 percent of the variation in countries’ domestic financial conditions.
• The report references multiple figure and box identifiers (e.g., Figures 1.1–1.26; Boxes 1.1 and 1.3; Annex Figures in Chapter 2; Tables and figures in Chapter 3) for detailed diagnostics and empirical results.

Policy recommendations (summarized)

• United States: incentivize economic risk taking while guarding against excessive financial risk taking.
• Emerging market economies: address domestic imbalances and build resilience to external shocks; prepare for tighter external financial conditions.
• Europe: tackle structural challenges in banking systems; do not roll back postcrisis financial reforms that strengthened oversight, capital, liquidity, and regulatory cooperation.
• Cross-cutting: implement policies that facilitate adjustment to a low-growth, low-interest environment by favoring measures that enhance long-term stability over short-term relief; strengthen domestic financial deepening (local investor base, equity- and bond-market depth and liquidity) to mitigate global shock transmission.

International Monetary Fund — Global Financial Stability Report: Getting the Policy Mix Right (April 2017).

Content in this bundle

• 世界の金融安定性が改善; その維持に向けた正しいポリシーミックスとは
  • 世界の金融安定性が改善; その維持に向けた正しいポリシーミックスとは (Markdown version)
  • 世界の金融安定性が改善; その維持に向けた正しいポリシーミックスとは (PDF)
• Annex Figure 2.1.1. Impulse Responses Outside of a Low-for-Long Scenario
  • Annex Figure 2.1.1. Impulse Responses Outside of a Low-for-Long Scenario (Markdown version)
  • Annex Figure 2.1.1. Impulse Responses Outside of a Low-for-Long Scenario (CSV)
• 104579 Annex Figure 2.1.1
  • 104579 Annex Figure 2.1.1 (Markdown version)
  • 104579 Annex Figure 2.1.1 (PDF)
• 104579 Annex Figure 2.1.2
  • 104579 Annex Figure 2.1.2 (Markdown version)
  • 104579 Annex Figure 2.1.2 (PDF)
• Annex Figure 2.1.2. Impulse Responses in Low-for-Long Economies
  • Annex Figure 2.1.2. Impulse Responses in Low-for-Long Economies (Markdown version)
  • Annex Figure 2.1.2. Impulse Responses in Low-for-Long Economies (CSV)
• ملخص واف: تقرير الاستقرار المالي العالمي
  • ملخص واف: تقرير الاستقرار المالي العالمي (Markdown version)
  • ملخص واف: تقرير الاستقرار المالي العالمي (PDF)
• boxfigure2-1d
  • boxfigure2-1d (Markdown version)
  • boxfigure2-1d (CSV)
• 104579 Figure 2.2.1
  • 104579 Figure 2.2.1 (Markdown version)
  • 104579 Figure 2.2.1 (PDF)
• 104579 Figure 2.2.2
  • 104579 Figure 2.2.2 (Markdown version)
  • 104579 Figure 2.2.2 (PDF)
• 104579 Figure 2.3.1
  • 104579 Figure 2.3.1 (Markdown version)
  • 104579 Figure 2.3.1 (PDF)
• Figure 2.3.1. Risk-Return Trade-off and Expected Times to Exit Underfunding
  • Figure 2.3.1. Risk-Return Trade-off and Expected Times to Exit Underfunding (Markdown version)
  • Figure 2.3.1. Risk-Return Trade-off and Expected Times to Exit Underfunding (CSV)
• Ch02 4thproofs 040517 V2
  • Ch02 4thproofs 040517 V2 (Markdown version)
  • Ch02 4thproofs 040517 V2 (PDF)
• Are Countries Losing Control of Domestic Financial Conditions?
  • Are Countries Losing Control of Domestic Financial Conditions? (Markdown version)
  • Are Countries Losing Control of Domestic Financial Conditions? (PDF)
• Chapter 2
  • Chapter 2 (Markdown version)
  • Chapter 2 (PDF)
• Chapter 3
  • Chapter 3 (Markdown version)
  • Chapter 3 (PDF)
• boxfigure-131equivalence-table
  • boxfigure-131equivalence-table (Markdown version)
  • boxfigure-131equivalence-table (XLSX)
• 104579 Figure 1.1.1
  • 104579 Figure 1.1.1 (Markdown version)
  • 104579 Figure 1.1.1 (PDF)
• Figure 1.1.1. Weighted Average of Cross-Currency Swap Bases in Select Advanced Economies
  • Figure 1.1.1. Weighted Average of Cross-Currency Swap Bases in Select Advanced Economies (Markdown version)
  • Figure 1.1.1. Weighted Average of Cross-Currency Swap Bases in Select Advanced Economies (CSV)
• 104579 Figure 1.1.2
  • 104579 Figure 1.1.2 (Markdown version)
  • 104579 Figure 1.1.2 (PDF)
• Figure 1.1.2. Foreign-Currency Maturity Mismatches
  • Figure 1.1.2. Foreign-Currency Maturity Mismatches (Markdown version)
  • Figure 1.1.2. Foreign-Currency Maturity Mismatches (CSV)
• 104579 Figure 1.3.1
  • 104579 Figure 1.3.1 (Markdown version)
  • 104579 Figure 1.3.1 (PDF)
• Chapter 1
  • Chapter 1 (Markdown version)
  • Chapter 1 (PDF)
• 104579 Figure 1.01
  • 104579 Figure 1.01 (Markdown version)
  • 104579 Figure 1.01 (PDF)
• 104579 Figure 1.10
  • 104579 Figure 1.10 (Markdown version)
  • 104579 Figure 1.10 (PDF)
• Figure 1.10. Debt Service, Interest Coverage Ratios, and Vulnerability to Higher Interest Rates
  • Figure 1.10. Debt Service, Interest Coverage Ratios, and Vulnerability to Higher Interest Rates (Markdown version)
  • Figure 1.10. Debt Service, Interest Coverage Ratios, and Vulnerability to Higher Interest Rates (CSV)
• 104579 Figure 1.11
  • 104579 Figure 1.11 (Markdown version)
  • 104579 Figure 1.11 (PDF)
• Figure 1.11. United States: A Retrospective on Economic versus Financial Risk Taking
  • Figure 1.11. United States: A Retrospective on Economic versus Financial Risk Taking (Markdown version)
  • Figure 1.11. United States: A Retrospective on Economic versus Financial Risk Taking (CSV)
• 104579 Figure 1.12
  • 104579 Figure 1.12 (Markdown version)
  • 104579 Figure 1.12 (PDF)
• Figure 1.12. Emerging Market Economies: Asset Prices and Fundamentals
  • Figure 1.12. Emerging Market Economies: Asset Prices and Fundamentals (Markdown version)
  • Figure 1.12. Emerging Market Economies: Asset Prices and Fundamentals (CSV)
• 104579 Figure 1.13
  • 104579 Figure 1.13 (Markdown version)
  • 104579 Figure 1.13 (PDF)
• 104579 Figure 1.14
  • 104579 Figure 1.14 (Markdown version)
  • 104579 Figure 1.14 (PDF)
• Figure 1.14. Capital Flows to Emerging Market Economies
  • Figure 1.14. Capital Flows to Emerging Market Economies (Markdown version)
  • Figure 1.14. Capital Flows to Emerging Market Economies (CSV)
• 104579 Figure 1.15
  • 104579 Figure 1.15 (Markdown version)
  • 104579 Figure 1.15 (PDF)
• Figure 1.15. Emerging Market Corporate Debt under Rising Risk Premiums and Protectionism
  • Figure 1.15. Emerging Market Corporate Debt under Rising Risk Premiums and Protectionism (Markdown version)
  • Figure 1.15. Emerging Market Corporate Debt under Rising Risk Premiums and Protectionism (CSV)
• 104579 Figure 1.16
  • 104579 Figure 1.16 (Markdown version)
  • 104579 Figure 1.16 (PDF)
• figure1-16d
  • figure1-16d (Markdown version)
  • figure1-16d (CSV)
• 104579 Figure 1.17
  • 104579 Figure 1.17 (Markdown version)
  • 104579 Figure 1.17 (PDF)
• Figure 1.17. Underprovisioning in the Weak Tail of Banks
  • Figure 1.17. Underprovisioning in the Weak Tail of Banks (Markdown version)
  • Figure 1.17. Underprovisioning in the Weak Tail of Banks (CSV)
• 104579 Figure 1.18
  • 104579 Figure 1.18 (Markdown version)
  • 104579 Figure 1.18 (PDF)
• 104579 Figure 1.19
  • 104579 Figure 1.19 (Markdown version)
  • 104579 Figure 1.19 (PDF)
• Figure 1.19. China: Credit and Bank Balance Sheets
  • Figure 1.19. China: Credit and Bank Balance Sheets (Markdown version)
  • Figure 1.19. China: Credit and Bank Balance Sheets (CSV)
• Figure 1.1. Global Financial Stability Map: Risks and Conditions
  • Figure 1.1. Global Financial Stability Map: Risks and Conditions (Markdown version)
  • Figure 1.1. Global Financial Stability Map: Risks and Conditions (CSV)
• 104579 Figure 1.02
  • 104579 Figure 1.02 (Markdown version)
  • 104579 Figure 1.02 (PDF)
• 104579 Figure 1.20
  • 104579 Figure 1.20 (Markdown version)
  • 104579 Figure 1.20 (PDF)
• Figure 1.20. China: Capital Flows and Foreign Exchange Reserves
  • Figure 1.20. China: Capital Flows and Foreign Exchange Reserves (Markdown version)
  • Figure 1.20. China: Capital Flows and Foreign Exchange Reserves (CSV)
• 104579 Figure 1.21
  • 104579 Figure 1.21 (Markdown version)
  • 104579 Figure 1.21 (PDF)
• figure1-21d-v2
  • figure1-21d-v2 (Markdown version)
  • figure1-21d-v2 (CSV)
• 104579 Figure 1.22
  • 104579 Figure 1.22 (Markdown version)
  • 104579 Figure 1.22 (PDF)
• Figure 1.22. Banking Sector Market Valuations and Return Performance
  • Figure 1.22. Banking Sector Market Valuations and Return Performance (Markdown version)
  • Figure 1.22. Banking Sector Market Valuations and Return Performance (CSV)
• 104579 Figure 1.23
  • 104579 Figure 1.23 (Markdown version)
  • 104579 Figure 1.23 (PDF)
• Figure 1.23. European Bank Profitability, 2016
  • Figure 1.23. European Bank Profitability, 2016 (Markdown version)
  • Figure 1.23. European Bank Profitability, 2016 (CSV)
• 104579 Figure 1.24
  • 104579 Figure 1.24 (Markdown version)
  • 104579 Figure 1.24 (PDF)
• Figure 1.24. European Domestic Banking System Actions to Reduce Costs
  • Figure 1.24. European Domestic Banking System Actions to Reduce Costs (Markdown version)
  • Figure 1.24. European Domestic Banking System Actions to Reduce Costs (CSV)
• 104579 Figure 1.25
  • 104579 Figure 1.25 (Markdown version)
  • 104579 Figure 1.25 (PDF)
• Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions
  • Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions (Markdown version)
  • Figure 1.2. Global Financial Stability Map: Assessment of Risks and Conditions (CSV)
• 104579 Figure 1.03
  • 104579 Figure 1.03 (Markdown version)
  • 104579 Figure 1.03 (PDF)
• Dataset overview
  • Dataset overview (Markdown version)
  • Dataset overview (CSV)
• 104579 Figure 1.04
  • 104579 Figure 1.04 (Markdown version)
  • 104579 Figure 1.04 (PDF)
• Figure 1.4. Assessments of U.S. Equity Valuations
  • Figure 1.4. Assessments of U.S. Equity Valuations (Markdown version)
  • Figure 1.4. Assessments of U.S. Equity Valuations (CSV)
• 104579 Figure 1.05
  • 104579 Figure 1.05 (Markdown version)
  • 104579 Figure 1.05 (PDF)
• 104579 Figure 1.06
  • 104579 Figure 1.06 (Markdown version)
  • 104579 Figure 1.06 (PDF)
• figure1-6d — Dataset overview
  • figure1-6d — Dataset overview (Markdown version)
  • figure1-6d — Dataset overview (CSV)
• 104579 Figure 1.07
  • 104579 Figure 1.07 (Markdown version)
  • 104579 Figure 1.07 (PDF)
• Figure 1.7. Policy Stimulus and Corporate Balance Sheets
  • Figure 1.7. Policy Stimulus and Corporate Balance Sheets (Markdown version)
  • Figure 1.7. Policy Stimulus and Corporate Balance Sheets (CSV)
• 104579 Figure 1.08
  • 104579 Figure 1.08 (Markdown version)
  • 104579 Figure 1.08 (PDF)
• Figure 1.8. United States: Corporate Internal Funds and External Sources of Finance
  • Figure 1.8. United States: Corporate Internal Funds and External Sources of Finance (Markdown version)
  • Figure 1.8. United States: Corporate Internal Funds and External Sources of Finance (CSV)
• 104579 Figure 1.09
  • 104579 Figure 1.09 (Markdown version)
  • 104579 Figure 1.09 (PDF)
• Figure 1.9. Corporate Leverage and the Credit Cycle
  • Figure 1.9. Corporate Leverage and the Credit Cycle (Markdown version)
  • Figure 1.9. Corporate Leverage and the Credit Cycle (CSV)
• Full Report
  • Full Report (Markdown version)
  • Full Report (PDF)
• chapter-2-and-3-summary
  • chapter-2-and-3-summary (Markdown version)
  • chapter-2-and-3-summary (PDF)
• 《全球金融稳定报告》概要; 2017年4月
  • 《全球金融稳定报告》概要; 2017年4月 (Markdown version)
  • 《全球金融稳定报告》概要; 2017年4月 (PDF)
• 104579 Figure 2.1
  • 104579 Figure 2.1 (Markdown version)
  • 104579 Figure 2.1 (PDF)
• Figure 2-1d — Interest Rates, Term Spreads, and Volatility in Advanced Economies
  • Figure 2-1d — Interest Rates, Term Spreads, and Volatility in Advanced Economies (Markdown version)
  • Figure 2-1d — Interest Rates, Term Spreads, and Volatility in Advanced Economies (CSV)
• 104579 Figure 2.2
  • 104579 Figure 2.2 (Markdown version)
  • 104579 Figure 2.2 (PDF)
• Figure 2.2. Term Premiums in Economies with Normal versus Low Natural Rates
  • Figure 2.2. Term Premiums in Economies with Normal versus Low Natural Rates (Markdown version)
  • Figure 2.2. Term Premiums in Economies with Normal versus Low Natural Rates (CSV)
• 104579 Figure 2.3
  • 104579 Figure 2.3 (Markdown version)
  • 104579 Figure 2.3 (PDF)
• Figure 2.3. Banking under Low Natural Rates: Theoretical Predictions
  • Figure 2.3. Banking under Low Natural Rates: Theoretical Predictions (Markdown version)
  • Figure 2.3. Banking under Low Natural Rates: Theoretical Predictions (CSV)
• 104579 Figure 2.4
  • 104579 Figure 2.4 (Markdown version)
  • 104579 Figure 2.4 (PDF)
• figure2-4d
  • figure2-4d (Markdown version)
  • figure2-4d (CSV)
• 104579 Figure 2.5
  • 104579 Figure 2.5 (Markdown version)
  • 104579 Figure 2.5 (PDF)
• figure2-5d
  • figure2-5d (Markdown version)
  • figure2-5d (CSV)
• figure2-6d — Dataset overview
  • figure2-6d — Dataset overview (Markdown version)
  • figure2-6d — Dataset overview (CSV)
• 104579 Figure 2.7
  • 104579 Figure 2.7 (Markdown version)
  • 104579 Figure 2.7 (PDF)
• Figure 2.7. Impact of Forward Rate Surprises on Bank Equity Returns
  • Figure 2.7. Impact of Forward Rate Surprises on Bank Equity Returns (Markdown version)
  • Figure 2.7. Impact of Forward Rate Surprises on Bank Equity Returns (CSV)
• Figure 2.8. Asset Allocation of Pension Funds and Insurers, 2015
  • Figure 2.8. Asset Allocation of Pension Funds and Insurers, 2015 (Markdown version)
  • Figure 2.8. Asset Allocation of Pension Funds and Insurers, 2015 (CSV)
• 104579 Figure 2.8
  • 104579 Figure 2.8 (Markdown version)
  • 104579 Figure 2.8 (PDF)
• 104579 Figure 2.9
  • 104579 Figure 2.9 (Markdown version)
  • 104579 Figure 2.9 (PDF)
• Figure 2.9. U.S. Mutual Funds Expense Ratios and Growth of U.S. Index Funds
  • Figure 2.9. U.S. Mutual Funds Expense Ratios and Growth of U.S. Index Funds (Markdown version)
  • Figure 2.9. U.S. Mutual Funds Expense Ratios and Growth of U.S. Index Funds (CSV)
• 104579 Figure 3.01
  • 104579 Figure 3.01 (Markdown version)
  • 104579 Figure 3.01 (PDF)
• 104579 Figure 3.10
  • 104579 Figure 3.10 (Markdown version)
  • 104579 Figure 3.10 (PDF)
• Figure3 10d
  • Figure3 10d (Markdown version)
  • Figure3 10d (CSV)
• 104579 Figure 3.11
  • 104579 Figure 3.11 (Markdown version)
  • 104579 Figure 3.11 (PDF)
• Figure3 11d
  • Figure3 11d (Markdown version)
  • Figure3 11d (CSV)
• 104579 Figure 3.12
  • 104579 Figure 3.12 (Markdown version)
  • 104579 Figure 3.12 (PDF)
• Figure3 12d
  • Figure3 12d (Markdown version)
  • Figure3 12d (CSV)
• 104579 Figure 3.13
  • 104579 Figure 3.13 (Markdown version)
  • 104579 Figure 3.13 (PDF)
• Figure3 13d
  • Figure3 13d (Markdown version)
  • Figure3 13d (CSV)
• figure3-1d
  • figure3-1d (Markdown version)
  • figure3-1d (CSV)
• 104579 Figure 3.02
  • 104579 Figure 3.02 (Markdown version)
  • 104579 Figure 3.02 (PDF)
• Dataset overview
  • Dataset overview (Markdown version)
  • Dataset overview (CSV)
• 104579 Figure 3.03
  • 104579 Figure 3.03 (Markdown version)
  • 104579 Figure 3.03 (PDF)
• figure3-3d
  • figure3-3d (Markdown version)
  • figure3-3d (CSV)
• 104579 Figure 3.04
  • 104579 Figure 3.04 (Markdown version)
  • 104579 Figure 3.04 (PDF)
• figure3-4d — Probability Distributions of One-Year-Ahead GDP Growth
  • figure3-4d — Probability Distributions of One-Year-Ahead GDP Growth (Markdown version)
  • figure3-4d — Probability Distributions of One-Year-Ahead GDP Growth (CSV)
• 104579 Figure 3.05
  • 104579 Figure 3.05 (Markdown version)
  • 104579 Figure 3.05 (PDF)
• Figure 3.5. Three-Factor Model Based on Financial Conditions Index, 1995–2016
  • Figure 3.5. Three-Factor Model Based on Financial Conditions Index, 1995–2016 (Markdown version)
  • Figure 3.5. Three-Factor Model Based on Financial Conditions Index, 1995–2016 (CSV)
• 104579 Figure 3.06
  • 104579 Figure 3.06 (Markdown version)
  • 104579 Figure 3.06 (PDF)
• Figure 3.6. Single Factor versus Principal Component Analysis, 1995–2015
  • Figure 3.6. Single Factor versus Principal Component Analysis, 1995–2015 (Markdown version)
  • Figure 3.6. Single Factor versus Principal Component Analysis, 1995–2015 (CSV)
• figure3-7d
  • figure3-7d (Markdown version)
  • figure3-7d (CSV)
• 104579 Figure 3.08
  • 104579 Figure 3.08 (Markdown version)
  • 104579 Figure 3.08 (PDF)
• dataset overview
  • dataset overview (Markdown version)
  • dataset overview (CSV)
• 104579 Figure 3.09
  • 104579 Figure 3.09 (Markdown version)
  • 104579 Figure 3.09 (PDF)
• Figure 3.9. Response of Domestic Financial Conditions to Shocks
  • Figure 3.9. Response of Domestic Financial Conditions to Shocks (Markdown version)
  • Figure 3.9. Response of Domestic Financial Conditions to Shocks (CSV)
• Rapport Sur La Stabilité FinancièRe Dans Le Monde
  • Rapport Sur La Stabilité FinancièRe Dans Le Monde (Markdown version)
  • Rapport Sur La Stabilité FinancièRe Dans Le Monde (PDF)
• Imf Gfsr 2017: Executive Summary
  • Imf Gfsr 2017: Executive Summary (Markdown version)
  • Imf Gfsr 2017: Executive Summary (PDF)
• Preface
  • Preface (Markdown version)
  • Preface (PDF)
• 国際金融安定性報告書（GFSR), 2017年4月: 要旨
  • 国際金融安定性報告書（GFSR), 2017年4月: 要旨 (Markdown version)
  • 国際金融安定性報告書（GFSR), 2017年4月: 要旨 (PDF)
• SUMÁRIO EXECUTIVO: A estabilidade financeira melhorou
  • SUMÁRIO EXECUTIVO: A estabilidade financeira melhorou (Markdown version)
  • SUMÁRIO EXECUTIVO: A estabilidade financeira melhorou (PDF)
• Аналитическое резюме -- Доклад по вопросам глобальной финансовой стабильности, апрель 2017 года
  • Аналитическое резюме -- Доклад по вопросам глобальной финансовой стабильности, апрель 2017 года (Markdown version)
  • Аналитическое резюме -- Доклад по вопросам глобальной финансовой стабильности, апрель 2017 года (PDF)
• Informe sobre la estabilidad financiera mundial
  • Informe sobre la estabilidad financiera mundial (Markdown version)
  • Informe sobre la estabilidad financiera mundial (PDF)
• suma
  • suma (Markdown version)
  • suma (PDF)
• 2017年4月《全球金融稳定报告》
  • 2017年4月《全球金融稳定报告》 (Markdown version)
  • 2017年4月《全球金融稳定报告》 (PDF)
• April 2017—Global Financial Sbility Report
  • April 2017—Global Financial Sbility Report (Markdown version)
  • April 2017—Global Financial Sbility Report (PDF)
• 国際金融安定性報告書 2017年4月, 第二章の要旨：低成長と低金利下の金融仲介
  • 国際金融安定性報告書 2017年4月, 第二章の要旨：低成長と低金利下の金融仲介 (Markdown version)
  • 国際金融安定性報告書 2017年4月, 第二章の要旨：低成長と低金利下の金融仲介 (PDF)
• Резюме по главам 2 и 3 -- Доклад по вопросам глобальной финансовой стабильности, апрель 2017 года
  • Резюме по главам 2 и 3 -- Доклад по вопросам глобальной финансовой стабильности, апрель 2017 года (Markdown version)
  • Резюме по главам 2 и 3 -- Доклад по вопросам глобальной финансовой стабильности, апрель 2017 года (PDF)
• Informe Sobre La Estabilidad Financiera Mundial De Abril De 2017
  • Informe Sobre La Estabilidad Financiera Mundial De Abril De 2017 (Markdown version)
  • Informe Sobre La Estabilidad Financiera Mundial De Abril De 2017 (PDF)

References

• Blog
• Blog
• Blog