{
  "title": "Global Financial Stability Report: Getting the Policy Mix Right",
  "publication": "Global Financial Stability Report, April 2017",
  "sourceUrl": "https://www.imf.org/en/publications/gfsr/issues/2017/03/30/global-financial-stability-report-april-2017",
  "canonical": "https://www.imf.org/en/publications/gfsr/issues/2017/03/30/global-financial-stability-report-april-2017",
  "overlayPath": "/en/publications/gfsr/issues/2017/03/30/global-financial-stability-report-april-2017/index.md",
  "summary": "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.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- The April 2017 Global Financial Stability Report (GFSR) finds that financial stability has continued to improve since last October.\n- Economic activity has gained momentum and longer-term interest rates have risen, helping to boost the earnings of banks and insurance companies.\n- 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.\n- 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)."
    },
    {
      "heading": "Chapter 1 — Getting the Policy Mix Right: Key findings",
      "content": "- 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.\n- New risks to financial stability stem from elevated political and policy uncertainty globally.\n- Potential adverse scenarios:\n  - Policy developments in advanced economies that lead to a less benign path for growth and debt could sharply raise risk premiums and volatility.\n  - A shift toward protectionism in advanced economies could reduce global growth and trade, impede capital flows, and dampen market sentiment.\n- Policy guidance by region:\n  - United States: provide incentives for economic risk taking while guarding against excessive financial risk taking that could undermine financial stability.\n  - Emerging market economies: address domestic imbalances and protect against external shocks.\n  - 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.\n- Boxes and special topics include: fragilities in offshore dollar funding, implications of Brexit for financial stability and efficiency.\n- 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)."
    },
    {
      "heading": "Chapter 2 — Low Growth, Low Interest Rates, and Financial Intermediation: Key findings",
      "content": "- Analyzes long-term impact of a sustained low-growth, low real and nominal rate scenario on financial institutions and products.\n- 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.\n- Structural factors sustaining low rates: demographic aging and stagnation in productivity growth.\n- Likely effects in a low-for-long environment:\n  - Yield curves would likely flatten.\n  - Lower credit demand combined with flatter yield curves would lower bank earnings, particularly for smaller, deposit-funded, and less diversified institutions.\n  - Long-lasting challenges for life insurers and defined-benefit pension funds.\n  - Banking may evolve toward fee-based services as household demand for transaction services rises and credit demand falls.\n  - Aging increases demand for health and long-term-care insurance; low asset returns accelerate transition to defined-contribution private pension plans.\n  - Demand likely to weaken for long-term savings products offered by insurers in favor of passive index funds.\n- Policy implication: policies could help ease adjustment by providing incentives to ensure longer-term stability rather than merely attenuating short-term pain.\n- 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."
    },
    {
      "heading": "Chapter 3 — Are Countries Losing Control of Domestic Financial Conditions? Key findings",
      "content": "- Developed financial conditions indices for a large set of advanced and emerging market economies.\n- Global financial conditions account for 20 to 40 percent of the variation in countries’ domestic financial conditions, with notable differences among economies.\n- The importance of the global factor does not seem to have increased much over the past two decades.\n- Despite significant global influence, countries retain influence to achieve domestic objectives—specifically, through monetary policy.\n- Challenges and recommendations:\n  - Domestic financial conditions react strongly and rapidly to global financial shocks, complicating timely policy responses.\n  - Emerging market economies are more sensitive to global financial conditions and should prepare for tighter external financial conditions.\n  - 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.\n- 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."
    },
    {
      "heading": "Key statistics and diagnostics (as presented)",
      "content": "- Global financial conditions account for 20 to 40 percent of the variation in countries’ domestic financial conditions.\n- 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."
    },
    {
      "heading": "Policy recommendations (summarized)",
      "content": "- United States: incentivize economic risk taking while guarding against excessive financial risk taking.\n- Emerging market economies: address domestic imbalances and build resilience to external shocks; prepare for tighter external financial conditions.\n- Europe: tackle structural challenges in banking systems; do not roll back postcrisis financial reforms that strengthened oversight, capital, liquidity, and regulatory cooperation.\n- 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.\n\nInternational Monetary Fund — Global Financial Stability Report: Getting the Policy Mix Right (April 2017).\n\n---\n\n Content in this bundle\n\n- 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\n  - 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){rel=\"alternate\" type=\"text/markdown\"}\n  - 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){rel=\"external\" type=\"application/pdf\"}\n- Annex Figure 2.1.1. Impulse Responses Outside of a Low-for-Long Scenario\n  - Annex Figure 2.1.1. Impulse Responses Outside of a Low-for-Long Scenario (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Annex Figure 2.1.1. Impulse Responses Outside of a Low-for-Long Scenario (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Annex Figure 2.1.1\n  - 104579 Annex Figure 2.1.1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Annex Figure 2.1.1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 104579 Annex Figure 2.1.2\n  - 104579 Annex Figure 2.1.2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Annex Figure 2.1.2 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Annex Figure 2.1.2. Impulse Responses in Low-for-Long Economies\n  - Annex Figure 2.1.2. Impulse Responses in Low-for-Long Economies (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Annex Figure 2.1.2. Impulse Responses in Low-for-Long Economies (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- ملخص واف: تقرير الاستقرار المالي العالمي\n  - ملخص واف: تقرير الاستقرار المالي العالمي (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - ملخص واف: تقرير الاستقرار المالي العالمي (PDF){rel=\"external\" type=\"application/pdf\"}\n- boxfigure2-1d\n  - boxfigure2-1d (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - boxfigure2-1d (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Figure 2.2.1\n  - 104579 Figure 2.2.1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 2.2.1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 104579 Figure 2.2.2\n  - 104579 Figure 2.2.2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 2.2.2 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 104579 Figure 2.3.1\n  - 104579 Figure 2.3.1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 2.3.1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.3.1. Risk-Return Trade-off and Expected Times to Exit Underfunding\n  - Figure 2.3.1. Risk-Return Trade-off and Expected Times to Exit Underfunding (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.3.1. Risk-Return Trade-off and Expected Times to Exit Underfunding (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Ch02 4thproofs 040517 V2\n  - Ch02 4thproofs 040517 V2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Ch02 4thproofs 040517 V2 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Are Countries Losing Control of Domestic Financial Conditions?\n  - Are Countries Losing Control of Domestic Financial Conditions? (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Are Countries Losing Control of Domestic Financial Conditions? (PDF){rel=\"external\" type=\"application/pdf\"}\n- Chapter 2\n  - Chapter 2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Chapter 2 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Chapter 3\n  - Chapter 3 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Chapter 3 (PDF){rel=\"external\" type=\"application/pdf\"}\n- boxfigure-131equivalence-table\n  - boxfigure-131equivalence-table (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - boxfigure-131equivalence-table (XLSX){rel=\"external\" type=\"application/vnd.openxmlformats-officedocument.spreadsheetml.sheet\"}\n- 104579 Figure 1.1.1\n  - 104579 Figure 1.1.1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 1.1.1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.1.1. Weighted Average of Cross-Currency Swap Bases in Select Advanced Economies\n  - Figure 1.1.1. Weighted Average of Cross-Currency Swap Bases in Select Advanced Economies (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.1.1. Weighted Average of Cross-Currency Swap Bases in Select Advanced Economies (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Figure 1.1.2\n  - 104579 Figure 1.1.2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 1.1.2 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.1.2. Foreign-Currency Maturity Mismatches\n  - Figure 1.1.2. Foreign-Currency Maturity Mismatches (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.1.2. Foreign-Currency Maturity Mismatches (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Figure 1.3.1\n  - 104579 Figure 1.3.1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 1.3.1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Chapter 1\n  - Chapter 1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Chapter 1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 104579 Figure 1.01\n  - 104579 Figure 1.01 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 1.01 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 104579 Figure 1.10\n  - 104579 Figure 1.10 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 1.10 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.10. Debt Service, Interest Coverage Ratios, and Vulnerability to Higher Interest Rates\n  - Figure 1.10. Debt Service, Interest Coverage Ratios, and Vulnerability to Higher Interest Rates (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.10. Debt Service, Interest Coverage Ratios, and Vulnerability to Higher Interest Rates (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Figure 1.11\n  - 104579 Figure 1.11 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 1.11 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.11. United States: A Retrospective on Economic versus Financial Risk Taking\n  - Figure 1.11. United States: A Retrospective on Economic versus Financial Risk Taking (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.11. United States: A Retrospective on Economic versus Financial Risk Taking (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Figure 1.12\n  - 104579 Figure 1.12 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 1.12 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.12. Emerging Market Economies: Asset Prices and Fundamentals\n  - Figure 1.12. Emerging Market Economies: Asset Prices and Fundamentals (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.12. Emerging Market Economies: Asset Prices and Fundamentals (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Figure 1.13\n  - 104579 Figure 1.13 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 1.13 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 104579 Figure 1.14\n  - 104579 Figure 1.14 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 1.14 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.14. Capital Flows to Emerging Market Economies\n  - Figure 1.14. Capital Flows to Emerging Market Economies (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.14. Capital Flows to Emerging Market Economies (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Figure 1.15\n  - 104579 Figure 1.15 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 1.15 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.15. Emerging Market Corporate Debt under Rising Risk Premiums and Protectionism\n  - Figure 1.15. Emerging Market Corporate Debt under Rising Risk Premiums and Protectionism (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.15. Emerging Market Corporate Debt under Rising Risk Premiums and Protectionism (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Figure 1.16\n  - 104579 Figure 1.16 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 1.16 (PDF){rel=\"external\" type=\"application/pdf\"}\n- figure1-16d\n  - figure1-16d (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - figure1-16d (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Figure 1.17\n  - 104579 Figure 1.17 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 1.17 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.17. Underprovisioning in the Weak Tail of Banks\n  - Figure 1.17. Underprovisioning in the Weak Tail of Banks (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.17. Underprovisioning in the Weak Tail of Banks (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Figure 1.18\n  - 104579 Figure 1.18 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 1.18 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 104579 Figure 1.19\n  - 104579 Figure 1.19 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 1.19 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.19. China: Credit and Bank Balance Sheets\n  - Figure 1.19. China: Credit and Bank Balance Sheets (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.19. China: Credit and Bank Balance Sheets (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 1.1.  Global Financial Stability Map: Risks and Conditions\n  - Figure 1.1.  Global Financial Stability Map: Risks and Conditions (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.1.  Global Financial Stability Map: Risks and Conditions (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Figure 1.02\n  - 104579 Figure 1.02 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 1.02 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 104579 Figure 1.20\n  - 104579 Figure 1.20 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 1.20 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.20. China: Capital Flows and Foreign Exchange Reserves\n  - Figure 1.20. China: Capital Flows and Foreign Exchange Reserves (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.20. China: Capital Flows and Foreign Exchange Reserves (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Figure 1.21\n  - 104579 Figure 1.21 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 1.21 (PDF){rel=\"external\" type=\"application/pdf\"}\n- figure1-21d-v2\n  - figure1-21d-v2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - figure1-21d-v2 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Figure 1.22\n  - 104579 Figure 1.22 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 1.22 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.22. Banking Sector Market Valuations and Return Performance\n  - Figure 1.22. Banking Sector Market Valuations and Return Performance (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.22. Banking Sector Market Valuations and Return Performance (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Figure 1.23\n  - 104579 Figure 1.23 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 1.23 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.23. European Bank Profitability, 2016\n  - Figure 1.23. European Bank Profitability, 2016 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.23. European Bank Profitability, 2016 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Figure 1.24\n  - 104579 Figure 1.24 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 1.24 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.24. European Domestic Banking System Actions to Reduce Costs\n  - Figure 1.24. European Domestic Banking System Actions to Reduce Costs (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.24. European Domestic Banking System Actions to Reduce Costs (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Figure 1.25\n  - 104579 Figure 1.25 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 1.25 (PDF){rel=\"external\" type=\"application/pdf\"}\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- 104579 Figure 1.03\n  - 104579 Figure 1.03 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 1.03 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Dataset overview\n  - Dataset overview (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Dataset overview (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Figure 1.04\n  - 104579 Figure 1.04 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 1.04 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.4. Assessments of U.S. Equity Valuations\n  - Figure 1.4. Assessments of U.S. Equity Valuations (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.4. Assessments of U.S. Equity Valuations (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Figure 1.05\n  - 104579 Figure 1.05 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 1.05 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 104579 Figure 1.06\n  - 104579 Figure 1.06 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 1.06 (PDF){rel=\"external\" type=\"application/pdf\"}\n- figure1-6d — Dataset overview\n  - figure1-6d — Dataset overview (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - figure1-6d — Dataset overview (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Figure 1.07\n  - 104579 Figure 1.07 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 1.07 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.7. Policy Stimulus and Corporate Balance Sheets\n  - Figure 1.7. Policy Stimulus and Corporate Balance Sheets (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.7. Policy Stimulus and Corporate Balance Sheets (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Figure 1.08\n  - 104579 Figure 1.08 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 1.08 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.8. United States: Corporate Internal Funds and External Sources of Finance\n  - Figure 1.8. United States: Corporate Internal Funds and External Sources of Finance (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.8. United States: Corporate Internal Funds and External Sources of Finance (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Figure 1.09\n  - 104579 Figure 1.09 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 1.09 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 1.9. Corporate Leverage and the Credit Cycle\n  - Figure 1.9. Corporate Leverage and the Credit Cycle (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 1.9. Corporate Leverage and the Credit Cycle (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Full Report\n  - Full Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Full Report (PDF){rel=\"external\" type=\"application/pdf\"}\n- chapter-2-and-3-summary\n  - chapter-2-and-3-summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - chapter-2-and-3-summary (PDF){rel=\"external\" type=\"application/pdf\"}\n- 《全球金融稳定报告》概要; 2017年4月\n  - 《全球金融稳定报告》概要; 2017年4月 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 《全球金融稳定报告》概要; 2017年4月 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 104579 Figure 2.1\n  - 104579 Figure 2.1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 2.1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2-1d — Interest Rates, Term Spreads, and Volatility in Advanced Economies\n  - Figure 2-1d — Interest Rates, Term Spreads, and Volatility in Advanced Economies (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2-1d — Interest Rates, Term Spreads, and Volatility in Advanced Economies (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Figure 2.2\n  - 104579 Figure 2.2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 2.2 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.2. Term Premiums in Economies with Normal versus Low Natural Rates\n  - Figure 2.2. Term Premiums in Economies with Normal versus Low Natural Rates (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.2. Term Premiums in Economies with Normal versus Low Natural Rates (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Figure 2.3\n  - 104579 Figure 2.3 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 2.3 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.3. Banking under Low Natural Rates: Theoretical Predictions\n  - Figure 2.3. Banking under Low Natural Rates: Theoretical Predictions (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.3. Banking under Low Natural Rates: Theoretical Predictions (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Figure 2.4\n  - 104579 Figure 2.4 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 2.4 (PDF){rel=\"external\" type=\"application/pdf\"}\n- figure2-4d\n  - figure2-4d (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - figure2-4d (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Figure 2.5\n  - 104579 Figure 2.5 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 2.5 (PDF){rel=\"external\" type=\"application/pdf\"}\n- figure2-5d\n  - figure2-5d (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - figure2-5d (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure2-6d — Dataset overview\n  - figure2-6d — Dataset overview (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - figure2-6d — Dataset overview (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Figure 2.7\n  - 104579 Figure 2.7 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 2.7 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.7. Impact of Forward Rate Surprises on Bank Equity Returns\n  - Figure 2.7. Impact of Forward Rate Surprises on Bank Equity Returns (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.7. Impact of Forward Rate Surprises on Bank Equity Returns (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Figure 2.8. Asset Allocation of Pension Funds and Insurers, 2015\n  - Figure 2.8. Asset Allocation of Pension Funds and Insurers, 2015 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.8. Asset Allocation of Pension Funds and Insurers, 2015 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Figure 2.8\n  - 104579 Figure 2.8 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 2.8 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 104579 Figure 2.9\n  - 104579 Figure 2.9 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 2.9 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 2.9. U.S. Mutual Funds Expense Ratios and Growth of U.S. Index Funds\n  - Figure 2.9. U.S. Mutual Funds Expense Ratios and Growth of U.S. Index Funds (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 2.9. U.S. Mutual Funds Expense Ratios and Growth of U.S. Index Funds (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Figure 3.01\n  - 104579 Figure 3.01 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 3.01 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 104579 Figure 3.10\n  - 104579 Figure 3.10 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 3.10 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure3 10d\n  - Figure3 10d (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure3 10d (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Figure 3.11\n  - 104579 Figure 3.11 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 3.11 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure3 11d\n  - Figure3 11d (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure3 11d (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Figure 3.12\n  - 104579 Figure 3.12 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 3.12 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure3 12d\n  - Figure3 12d (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure3 12d (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Figure 3.13\n  - 104579 Figure 3.13 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 3.13 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure3 13d\n  - Figure3 13d (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure3 13d (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure3-1d\n  - figure3-1d (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - figure3-1d (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Figure 3.02\n  - 104579 Figure 3.02 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 3.02 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Dataset overview\n  - Dataset overview (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Dataset overview (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Figure 3.03\n  - 104579 Figure 3.03 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 3.03 (PDF){rel=\"external\" type=\"application/pdf\"}\n- figure3-3d\n  - figure3-3d (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - figure3-3d (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Figure 3.04\n  - 104579 Figure 3.04 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 3.04 (PDF){rel=\"external\" type=\"application/pdf\"}\n- figure3-4d — Probability Distributions of One-Year-Ahead GDP Growth\n  - figure3-4d — Probability Distributions of One-Year-Ahead GDP Growth (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - figure3-4d — Probability Distributions of One-Year-Ahead GDP Growth (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Figure 3.05\n  - 104579 Figure 3.05 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 3.05 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.5. Three-Factor Model Based on Financial Conditions Index, 1995–2016\n  - Figure 3.5. Three-Factor Model Based on Financial Conditions Index, 1995–2016 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.5. Three-Factor Model Based on Financial Conditions Index, 1995–2016 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Figure 3.06\n  - 104579 Figure 3.06 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 3.06 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.6. Single Factor versus Principal Component Analysis, 1995–2015\n  - Figure 3.6. Single Factor versus Principal Component Analysis, 1995–2015 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.6. Single Factor versus Principal Component Analysis, 1995–2015 (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- figure3-7d\n  - figure3-7d (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - figure3-7d (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Figure 3.08\n  - 104579 Figure 3.08 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 3.08 (PDF){rel=\"external\" type=\"application/pdf\"}\n- dataset overview\n  - dataset overview (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - dataset overview (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- 104579 Figure 3.09\n  - 104579 Figure 3.09 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 104579 Figure 3.09 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Figure 3.9. Response of Domestic Financial Conditions to Shocks\n  - Figure 3.9. Response of Domestic Financial Conditions to Shocks (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Figure 3.9. Response of Domestic Financial Conditions to Shocks (CSV){rel=\"external\" type=\"application/octet-stream\"}\n- Rapport Sur La Stabilité FinancièRe Dans Le Monde\n  - Rapport Sur La Stabilité FinancièRe Dans Le Monde (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Rapport Sur La Stabilité FinancièRe Dans Le Monde (PDF){rel=\"external\" type=\"application/pdf\"}\n- Imf Gfsr 2017: Executive Summary\n  - Imf Gfsr 2017: Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Imf Gfsr 2017: Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}\n- Preface\n  - Preface (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Preface (PDF){rel=\"external\" type=\"application/pdf\"}\n- 国際金融安定性報告書（GFSR), 2017年4月: 要旨\n  - 国際金融安定性報告書（GFSR), 2017年4月: 要旨 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 国際金融安定性報告書（GFSR), 2017年4月: 要旨 (PDF){rel=\"external\" type=\"application/pdf\"}\n- SUMÁRIO EXECUTIVO: A estabilidade financeira melhorou\n  - SUMÁRIO EXECUTIVO: A estabilidade financeira melhorou (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - SUMÁRIO EXECUTIVO: A estabilidade financeira melhorou (PDF){rel=\"external\" type=\"application/pdf\"}\n- Аналитическое резюме -- Доклад по вопросам глобальной финансовой стабильности, апрель 2017 года\n  - Аналитическое резюме -- Доклад по вопросам глобальной финансовой стабильности, апрель 2017 года (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Аналитическое резюме -- Доклад по вопросам глобальной финансовой стабильности, апрель 2017 года (PDF){rel=\"external\" type=\"application/pdf\"}\n- Informe sobre la estabilidad financiera mundial\n  - Informe sobre la estabilidad financiera mundial (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Informe sobre la estabilidad financiera mundial (PDF){rel=\"external\" type=\"application/pdf\"}\n- suma\n  - suma (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - suma (PDF){rel=\"external\" type=\"application/pdf\"}\n- 2017年4月《全球金融稳定报告》\n  - 2017年4月《全球金融稳定报告》 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 2017年4月《全球金融稳定报告》 (PDF){rel=\"external\" type=\"application/pdf\"}\n- April 2017—Global Financial Sbility Report\n  - April 2017—Global Financial Sbility Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - April 2017—Global Financial Sbility Report (PDF){rel=\"external\" type=\"application/pdf\"}\n- 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\n  - 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){rel=\"alternate\" type=\"text/markdown\"}\n  - 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){rel=\"external\" type=\"application/pdf\"}\n- Резюме по главам 2 и 3 -- Доклад по вопросам глобальной финансовой стабильности, апрель 2017 года\n  - Резюме по главам 2 и 3 -- Доклад по вопросам глобальной финансовой стабильности, апрель 2017 года (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Резюме по главам 2 и 3 -- Доклад по вопросам глобальной финансовой стабильности, апрель 2017 года (PDF){rel=\"external\" type=\"application/pdf\"}\n- Informe Sobre La Estabilidad Financiera Mundial De Abril De 2017\n  - Informe Sobre La Estabilidad Financiera Mundial De Abril De 2017 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Informe Sobre La Estabilidad Financiera Mundial De Abril De 2017 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- Blog\n- Blog\n- Blog\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/publications/gfsr/issues/2017/03/30/global-financial-stability-report-april-2017"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/gfsr/issues/2017/03/30/global-financial-stability-report-april-2017/index.md)",
    "[Structured JSON version](/en/publications/gfsr/issues/2017/03/30/global-financial-stability-report-april-2017/index.json)",
    "[Bundle manifest](/en/publications/gfsr/issues/2017/03/30/global-financial-stability-report-april-2017/bundle-manifest.json)",
    "Published: April 6, 2017",
    "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).",
    "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 guidance by region:",
    "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).",
    "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:",
    "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.",
    "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:",
    "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.",
    "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.",
    "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.",
    "**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**",
    "**Annex Figure 2.1.1. Impulse Responses Outside of a Low-for-Long Scenario**",
    "**104579 Annex Figure 2.1.1**",
    "**104579 Annex Figure 2.1.2**",
    "**Annex Figure 2.1.2. Impulse Responses in Low-for-Long Economies**",
    "**ملخص واف: تقرير الاستقرار المالي العالمي**",
    "**boxfigure2-1d**",
    "**104579 Figure 2.2.1**",
    "**104579 Figure 2.2.2**",
    "**104579 Figure 2.3.1**",
    "**Figure 2.3.1. Risk-Return Trade-off and Expected Times to Exit Underfunding**",
    "**Ch02 4thproofs 040517 V2**",
    "**Are Countries Losing Control of Domestic Financial Conditions?**",
    "**Chapter 2**",
    "**Chapter 3**",
    "**boxfigure-131equivalence-table**",
    "**104579 Figure 1.1.1**",
    "**Figure 1.1.1. Weighted Average of Cross-Currency Swap Bases in Select Advanced Economies**",
    "**104579 Figure 1.1.2**",
    "**Figure 1.1.2. Foreign-Currency Maturity Mismatches**",
    "**104579 Figure 1.3.1**",
    "**Chapter 1**",
    "**104579 Figure 1.01**",
    "**104579 Figure 1.10**",
    "**Figure 1.10. Debt Service, Interest Coverage Ratios, and Vulnerability to Higher Interest Rates**",
    "**104579 Figure 1.11**",
    "**Figure 1.11. United States: A Retrospective on Economic versus Financial Risk Taking**",
    "**104579 Figure 1.12**",
    "**Figure 1.12. Emerging Market Economies: Asset Prices and Fundamentals**",
    "**104579 Figure 1.13**",
    "**104579 Figure 1.14**",
    "**Figure 1.14. Capital Flows to Emerging Market Economies**",
    "**104579 Figure 1.15**",
    "**Figure 1.15. Emerging Market Corporate Debt under Rising Risk Premiums and Protectionism**",
    "**104579 Figure 1.16**",
    "**figure1-16d**",
    "**104579 Figure 1.17**",
    "**Figure 1.17. Underprovisioning in the Weak Tail of Banks**",
    "**104579 Figure 1.18**",
    "**104579 Figure 1.19**",
    "**Figure 1.19. China: Credit and Bank Balance Sheets**",
    "**Figure 1.1.  Global Financial Stability Map: Risks and Conditions**",
    "**104579 Figure 1.02**",
    "**104579 Figure 1.20**",
    "**Figure 1.20. China: Capital Flows and Foreign Exchange Reserves**",
    "**104579 Figure 1.21**",
    "**figure1-21d-v2**",
    "**104579 Figure 1.22**",
    "**Figure 1.22. Banking Sector Market Valuations and Return Performance**",
    "**104579 Figure 1.23**",
    "**Figure 1.23. European Bank Profitability, 2016**",
    "**104579 Figure 1.24**",
    "**Figure 1.24. European Domestic Banking System Actions to Reduce Costs**",
    "**104579 Figure 1.25**",
    "**Figure 1.2.  Global Financial Stability Map: Assessment of Risks and Conditions**",
    "**104579 Figure 1.03**",
    "**Dataset overview**",
    "**104579 Figure 1.04**",
    "**Figure 1.4. Assessments of U.S. Equity Valuations**",
    "**104579 Figure 1.05**",
    "**104579 Figure 1.06**",
    "**figure1-6d — Dataset overview**",
    "**104579 Figure 1.07**",
    "**Figure 1.7. Policy Stimulus and Corporate Balance Sheets**",
    "**104579 Figure 1.08**",
    "**Figure 1.8. United States: Corporate Internal Funds and External Sources of Finance**",
    "**104579 Figure 1.09**",
    "**Figure 1.9. Corporate Leverage and the Credit Cycle**",
    "**Full Report**",
    "**chapter-2-and-3-summary**",
    "**《全球金融稳定报告》概要; 2017年4月**",
    "**104579 Figure 2.1**",
    "**Figure 2-1d — Interest Rates, Term Spreads, and Volatility in Advanced Economies**",
    "**104579 Figure 2.2**",
    "**Figure 2.2. Term Premiums in Economies with Normal versus Low Natural Rates**",
    "**104579 Figure 2.3**",
    "**Figure 2.3. Banking under Low Natural Rates: Theoretical Predictions**",
    "**104579 Figure 2.4**",
    "**figure2-4d**",
    "**104579 Figure 2.5**",
    "**figure2-5d**",
    "**figure2-6d — Dataset overview**",
    "**104579 Figure 2.7**",
    "**Figure 2.7. Impact of Forward Rate Surprises on Bank Equity Returns**",
    "**Figure 2.8. Asset Allocation of Pension Funds and Insurers, 2015**",
    "**104579 Figure 2.8**",
    "**104579 Figure 2.9**",
    "**Figure 2.9. U.S. Mutual Funds Expense Ratios and Growth of U.S. Index Funds**",
    "**104579 Figure 3.01**",
    "**104579 Figure 3.10**",
    "**Figure3 10d**",
    "**104579 Figure 3.11**",
    "**Figure3 11d**",
    "**104579 Figure 3.12**",
    "**Figure3 12d**",
    "**104579 Figure 3.13**",
    "**Figure3 13d**",
    "**figure3-1d**",
    "**104579 Figure 3.02**",
    "**Dataset overview**",
    "**104579 Figure 3.03**",
    "**figure3-3d**",
    "**104579 Figure 3.04**",
    "**figure3-4d — Probability Distributions of One-Year-Ahead GDP Growth**",
    "**104579 Figure 3.05**",
    "**Figure 3.5. Three-Factor Model Based on Financial Conditions Index, 1995–2016**",
    "**104579 Figure 3.06**",
    "**Figure 3.6. Single Factor versus Principal Component Analysis, 1995–2015**",
    "**figure3-7d**",
    "**104579 Figure 3.08**",
    "**dataset overview**",
    "**104579 Figure 3.09**",
    "**Figure 3.9. Response of Domestic Financial Conditions to Shocks**",
    "**Rapport Sur La Stabilité FinancièRe Dans Le Monde**",
    "**Imf Gfsr 2017: Executive Summary**",
    "**Preface**",
    "**国際金融安定性報告書（GFSR), 2017年4月: 要旨**",
    "**SUMÁRIO EXECUTIVO: A estabilidade financeira melhorou**",
    "**Аналитическое резюме -- Доклад по вопросам глобальной финансовой стабильности, апрель 2017 года**",
    "**Informe sobre la estabilidad financiera mundial**",
    "**suma**",
    "**2017年4月《全球金融稳定报告》**",
    "**April 2017—Global Financial Sbility Report**",
    "**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**",
    "**Резюме по главам 2 и 3 -- Доклад по вопросам глобальной финансовой стабильности, апрель 2017 года**",
    "**Informe Sobre La Estabilidad Financiera Mundial De Abril De 2017**",
    "[Blog](https://blogs.imf.org/2017/04/19/global-financial-stability-improves-getting-policy-mix-right-needed-to-sustain-gains/)",
    "[Blog](https://blog-imfdirect.imf.org/2017/04/06/how-an-extended-period-of-low-growth-could-reshape-the-financial-industry/)",
    "[Blog](https://blog-imfdirect.imf.org/2017/04/06/with-global-financial-markets-how-much-control-do-countries-have-over-economic-policies/)"
  ],
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